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Down Payment Calculator

How much you need for a down payment and closing costs, and how long saving takes at your monthly amount and savings rate.

A 10.0% down payment on $350,000 is $35,000; with closing costs, plan on about $44,450. Saving $1,000 a month from $10,000, you get there in 2 years 8 months.

Down payment
$35,000
With about 3% closing costs
$44,450
Saved in
2 years 8 months

Down payment by price and percentage

Home price3%5%10%20%
$200,000$6,000$10,000$20,000$40,000
$300,000$9,000$15,000$30,000$60,000
$400,000$12,000$20,000$40,000$80,000
$500,000$15,000$25,000$50,000$100,000
$750,000$22,500$37,500$75,000$150,000

How this calculator works

Down payment = price × the percentage; closing costs are estimated at 3% of the loan. Time to save counts your deposits and the interest your savings earn at the APY.

What it assumes

  • Down payment assistance programs and gifts from family can cover part.

Questions people ask

How much do I need for a down payment?

Conventional loans allow as little as 3%, FHA 3.5%, and VA and USDA loans 0%. Twenty percent avoids PMI on a conventional loan.

Is 20% down necessary?

No. Less down means PMI and a bigger loan, but buying sooner can make sense; compare the monthly cost with the mortgage calculator.

Where should I keep my down payment savings?

In an insured high-yield savings account or CDs that mature before you buy: safe, and earning interest.

Can I use gift money for a down payment?

Usually, with a gift letter from the giver; loan programs have rules about who can give and how it's documented.

Related calculators

  • Closing Cost CalculatorHow much cash you need at closing when buying a home: the down payment, closing costs of about 2% to 5% of the loan, and prepaid insurance and escrow.
  • Savings Goal CalculatorHow much to save each month to reach a goal by a date, counting what you have already and the interest it earns.
  • Home Affordability CalculatorThe home price your income supports under the 28/36 guideline lenders use, counting your other debts, down payment, taxes and insurance, at this week's average rate.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.

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