Down Payment Savings Calculator
This shows how long it takes to reach a down payment goal, from what you have now and what you add each month. Interest on the balance is included.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Interest is added to the balance each month, then your monthly deposit goes in. The page works out how many months it takes for the balance to reach the goal, and rounds up to a whole month.
With a zero rate, the page divides the gap by the monthly deposit. Update the goal and the savings as your plans change to keep the date current.
Worked example
Saving $800.00 a month on top of $15,000.00, at 3% a year, reaches $60,000.00 in 51 months, about 4.3 years.
Questions
How large should a down payment be?
It depends on the loan you choose. Lenders list their own minimums, and a larger down payment changes the loan amount and the cost.
Does this count other home costs?
No. Closing costs, moving and repairs are separate, and they can add up to a lot.
What if I save more later?
Enter a bigger monthly amount to see the new date. Each change updates the answer.
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