Home Buying Savings Calculator
Calculate how long it will take to save for a home down payment and the monthly savings needed. Determine your path to homeownership based on your income, expenses, and target home price.
Step 1: Home & Financial Goals
Understanding Down Payments
A 20% down payment avoids Private Mortgage Insurance (PMI). First-time buyer programs may allow as low as 3-5% down. Larger down payments reduce monthly mortgage payments.
Step 2: Income & Expenses
Smart Saving Tips
Automate your savings, reduce discretionary spending, consider high-yield savings accounts, and look for ways to increase your income to reach your home buying goal faster.
Home Savings Results
Monthly Savings Needed
Down Payment Scenarios Comparison
| Down Payment | Amount Needed | Monthly Savings | Time to Save |
|---|
Savings Progress Breakdown
Savings Calculation Formula
Monthly Savings = (Down Payment – Current Savings) ÷ Months to Save
This formula calculates the monthly savings needed to reach your down payment goal within your target timeframe, accounting for compound interest on your savings.
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