House Fund Calculator
Calculate how much you need to save for your dream home. Determine monthly savings, down payment goals, and timeline to homeownership.
Step 1: House Details
$350,000
20%
Understanding Down Payments
Most lenders require 3-20% down payment. A 20% down payment avoids Private Mortgage Insurance (PMI) and reduces monthly payments.
Step 2: Savings Plan
$1,500
5 years
About House Savings
Consider saving an additional 2-5% for closing costs, moving expenses, and emergency repairs. First-time homebuyer programs may offer lower down payment options.
House Fund Savings Results
Summary
Timeline Comparison
Breakdown
Monthly Savings Needed
$1,500
To save $70,000 in 5 years
Total Down Payment
$70,000
Months to Goal
60 months
Total to Save
$55,000
Year to Buy
2028
Savings Timeline Comparison
| Monthly Savings | Time to Goal | Total Saved | Year Achieved |
|---|
Savings Progress Breakdown
Savings Formula
Monthly Savings = (Down Payment – Current Savings) ÷ (Timeline in Months)
To calculate monthly savings needed: Subtract your current savings from your down payment goal, then divide by the number of months in your timeline.
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