Down Payment Savings Calculator
Calculate how much you need to save for a down payment on a home. Determine monthly savings goals based on home price, timeline, interest rates, and your current savings.
Step 1: Home & Down Payment Details
Understanding Down Payments
A typical down payment is 20% of the home price, but many loans allow as low as 3-5%. A larger down payment reduces your monthly mortgage payment and may eliminate PMI (Private Mortgage Insurance).
Step 2: Savings Timeline & Interest
About Compound Interest
Your savings will grow faster with compound interest. Even a small interest rate can significantly increase your savings over time. Consider high-yield savings accounts for better returns.
Down Payment Savings Plan
Required Monthly Savings
Savings Timeline Comparison
| Timeline | Monthly Savings | Total Interest | Feasibility |
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Monthly Savings Breakdown
Savings Calculation Formula
Monthly Savings = (Total Needed – Current Savings – Future Value of Contributions) / Present Value Factor
This formula accounts for compound interest on both your current savings and future monthly contributions to calculate exactly how much you need to save each month.
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