Down Payment Calculator
Plan your home down payment savings goal
What is the Down Payment Calculator?
Saving for a home down payment is one of the most common financial goals people work toward — and one of the trickiest to plan for. The Down Payment Calculator tells you exactly how much you need to save, how long it will take, and what your required monthly savings should be. It's designed for first-time buyers who are trying to hit a specific target by a specific date, and for anyone who wants to see how different down payment percentages affect the loan amount and monthly mortgage costs. Whether you're targeting 3.5% for an FHA loan or the full 20% to avoid PMI, this tool shows you the path.
How Does It Work?
The calculator takes the home price and your target down payment percentage, then shows how much to save per month to reach that goal by your target date.
Down Payment Amount = Home Price × (Down Payment % ÷ 100)
Monthly Savings Required = (Down Payment Amount − Current Savings) ÷ Months Until Purchase
Home Price is the purchase price or your target price range. Down Payment % is the percentage you want to put down. Current Savings is what you've already set aside. Months Until Purchase is your timeline.
How to Use CalciHub's Down Payment Calculator
1. Enter the home price you're targeting.
2. Select your down payment percentage (3%, 5%, 10%, 20%, or custom).
3. Enter how much you've already saved.
4. Set your target purchase date or number of months.
5. See the required down payment, remaining amount to save, and monthly savings target.
6. Tip: At 20% down, you avoid Private Mortgage Insurance (PMI), which can add $100–$300/month to your payment. That's worth factoring into your target.
A Quick Example
David and Lisa are looking at homes in the $420,000 range in Denver. They want to put 10% down to keep PMI costs low while not waiting too long to buy. Target down payment: $42,000.
They've saved $18,000 already. They want to buy in 24 months. Remaining to save: $42,000 − $18,000 = $24,000. Monthly savings needed: $24,000 ÷ 24 = $1,000 per month.
That's a concrete savings target — and they can adjust the timeline or down payment percentage in the calculator to see what's actually achievable.
Frequently Asked Questions
It depends on the loan type. Conventional loans can go as low as 3% down. FHA loans require 3.5% with a credit score of 580 or higher. VA loans and USDA loans can require no down payment for eligible buyers. Putting less than 20% down on a conventional loan typically means paying private mortgage insurance.