Saving for a down payment is often the biggest hurdle to homeownership. Our calculator helps you visualize exactly how much you need to save based on either a specific dollar amount or a percentage of the home's purchase price.
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Down Payment Calculator
Calculate how much you need to save for your home purchase down payment.
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Purchase Details
Quick Tips
• 20% down payment avoids PMI (Private Mortgage Insurance).
• FHA loans allow as little as 3.5% down.
• Remember to budget for closing costs (2-5% of home price).
Down Payment Summary
Required Down Payment
$100,000.00
20.00% of home price
Mortgage Loan Amount
$400,000.00
Amount to be financed
Saving Goal
To purchase a $500,000 home with a 20.00% down payment, your total cash needed for the down payment is $100,000.00.
Additional Considerations
Closing Costs
Estimate an additional 2-5% of the home price for taxes, lender fees, and title insurance.
Emergency Fund
Avoid using all your savings. Keep 3-6 months of expenses for repairs and unexpected costs.
About Plan Your Home Purchase Down Payment
1
Home Price
Enter the estimated purchase price of the home you want to buy.
2
Down Payment
Input either the dollar amount you've saved or the percentage you want to put down (e.g., 20%).
3
Review Results
Verify the output looks correct before using or downloading it.
4
Save Your Output
Click the download or copy button to export your results to your device or clipboard.
Key Features
Percentage or Amount
Toggle between entering a dollar amount or a percentage of the home price.
Loan Amount Preview
See how your down payment affects your total mortgage loan amount.
Saving Goal
Get a clear summary of what you need to save to hit your target.
Frequently Asked Questions
No, many loan programs (like FHA) allow for as little as 3.5% down, though 20% is recommended to avoid PMI.
A larger down payment reduces the loan amount, which lowers your monthly principal and interest payments.
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