House Down Payment Calculator
Saving for a house down payment is one of the biggest savings goals most people face. A 20% down payment on a $350,000 home is $70,000. While you can put down less, 20% avoids PMI (private mortgage insurance) which saves hundreds per month.
Your Savings Details
Your Results
Progress to $70,000Goal reached!
Time to Goal
3y 8m
Total Contributions
$85,500
Interest Earned
$9,627
Final Balance
$95,127
Savings Growth
Month 1Month 50
House Down Payment Tips
- 1.Open a dedicated high-yield savings account for your down payment
- 2.Consider a first-time homebuyer program for lower down payment options
- 3.Factor in closing costs (2-5% of home price) on top of down payment
- 4.Avoid investing down payment money in stocks if buying within 3 years
- 5.Look into state and local down payment assistance programs
Quick Facts
Typical Goal
$70,000
Suggested Monthly
$1,500
At 5% Return
925 months