The down payment savings calculator helps you create a timeline for saving enough to buy a home, based on target home price, down payment percentage, and savings rate.
Enter target home price, desired down payment percentage (20% avoids PMI), current savings, and monthly savings amount. The calculator shows how long until you reach your goal.
This helps set realistic homebuying timelines, adjust savings goals, or reconsider target price. Remember to also save for closing costs (2-5% of home price).
Quick Tips
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Frequently Asked Questions
Avoids PMI (private mortgage insurance), better rates, more equity.
Yes, FHA allows 3.5%, conventional 3%, but you'll pay PMI.
Budget additional 2-5% of home price for closing costs.
No, keep emergency fund (3-6 months expenses) separate.
Increase income, reduce expenses, automate savings, high-yield savings account.