Find out how much you need for a home down payment and how long it will take to save it. See how different down payment percentages affect your mortgage and PMI.
Down Payment (20%)
$70,000
Loan Amount
$280,000
Still Needed
$45,000
Time to Save
3 yrs 9 mo
With 20%+ down, you avoid private mortgage insurance (PMI).
At $1,000/month, here is your path to $70,000
Today
$25,000 saved
Month 9
$34,000
Month 18
$43,000
Month 27
$52,000
Month 36
$61,000
Month 45
$70,000
Based on a 30-year mortgage at 6.5% interest
Includes ~$222/mo PMI
Includes ~$210/mo PMI
Includes ~$198/mo PMI
Your down payment is one of the biggest financial milestones you'll reach. The amount you put down affects your monthly mortgage payment, whether you need PMI, and how much interest you'll pay over the life of the loan. This calculator helps you set a clear savings target and timeline so you know exactly when you'll be ready to buy.
While 20% is the traditional target, many loan programs allow much less. FHA loans require as little as 3.5%, and conventional loans can go as low as 3%. However, putting down less than 20% typically requires private mortgage insurance (PMI), which adds to your monthly costs.
Private Mortgage Insurance (PMI) protects the lender if you default. It typically costs 0.5-1.5% of the loan amount per year. You can request PMI removal once you reach 20% equity, and it's automatically removed at 22% equity under federal law.
A larger down payment means lower monthly payments, no PMI, and less interest over the life of the loan. But tying up too much cash can leave you without an emergency fund. Balance your down payment with maintaining 3-6 months of expenses in savings.
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