Finances
Down Payment Calculator
Determine exactly how much you need to save for a house down payment and closing costs, and calculate your monthly savings goal.
Comment Utiliser
- Enter your Target Home Price.
- Specify your desired Down Payment % (e.g., 20% to avoid PMI, or 3.5% for an FHA loan).
- Enter your estimated Closing Costs (usually 2-5% of the loan amount).
- Input your Current Savings dedicated to this purchase, and the number of Months until you plan to buy.
- The calculator determines exactly how much cash you need to bring to the closing table, and how much you must save per month to reach that goal.
Formule
Savings Math:
Down Payment $ = Home Price × Down Payment %
Loan Amount = Home Price - Down Payment $
Closing Costs $ = Loan Amount × Closing Costs %
Total Cash Needed = Down Payment $ + Closing Costs $
Remaining to Save = Total Cash Needed - Current Savings
Monthly Savings Goal = Remaining to Save / Months
Down Payment $ = Home Price × Down Payment %
Loan Amount = Home Price - Down Payment $
Closing Costs $ = Loan Amount × Closing Costs %
Total Cash Needed = Down Payment $ + Closing Costs $
Remaining to Save = Total Cash Needed - Current Savings
Monthly Savings Goal = Remaining to Save / Months
The Down Payment Calculator helps prospective homebuyers create an actionable savings plan. By combining the target down payment with estimated closing costs, it provides a realistic "cash to close" figure and breaks it down into a monthly savings goal.