Down Payment Calculator
Calculate your down payment goal and create a savings plan to reach it.
Target down payment
$80,000
20% of $400,000
Time to goal
2y 6m
Target date
Jul 2028
No PMI Required
20% down payment avoids PMI
Down payment options
$20,000
PMI required
0y 0m
to save
$40,000
PMI required
0y 7m
to save
$60,000
PMI required
1y 7m
to save
$80,000
No PMI
2y 6m
to save
$100,000
No PMI
3y 5m
to save
Savings growth projection
Why down payment matters
A larger down payment means a smaller loan, lower monthly payments, better interest rates, and potentially avoiding PMI. It also gives you instant equity in your home.
What is PMI?
Private Mortgage Insurance protects the lender if you default. Required for down payments under 20%, it typically costs 0.5-1% of the loan annually until you reach 20% equity.
Saving tips
Automate savings, use high-yield savings accounts, consider down payment assistance programs, reduce expenses, and put windfalls toward your goal.