Is a bigger down payment always better?

Not necessarily. A larger down payment cuts your loan and interest, but ties up cash you might need for emergencies, closing costs, or higher-return investments.

Don't forget closing costs

Closing costs typically run 2–5% of the price on top of your down payment, so budget for those separately.

Down Payment Calculator

See how much to put down and how long it takes to save for it.

UPDATED · MAY 2026

Home price

Target down payment

20% avoids PMIAlready saved

Saving per month

$/mo

20% down on $400,000

$80,000

STILL NEED$60,000

LOAN$320,000

Down payment

$80,000

Still to save

$60,000

Time to save

3y 4m

How to use the Down Payment Calculator

01
Enter the home price. The purchase price of the home you're targeting.
02
Choose a target down payment %. 20% avoids PMI; many loan programs allow 3–10%.
03
Add your savings. Enter what you've saved and how much you set aside each month to see your timeline.

How is it calculated?

Your down payment is simply the home price times your target percentage. We subtract what you've already saved to get the remaining amount, then divide by your monthly savings to estimate how many months until you reach the goal. The loan amount is the price minus the down payment.

Frequently asked

The questions readers ask most about the down payment calculator.

20% is the classic target because it avoids PMI and lowers your payment. But putting down less to buy sooner can make sense in a rising market — there's no single right answer.

LEARNHow much house can I afford? The 28/36 rule

How to use the Down Payment Calculator

How is it calculated?

Frequently asked

You might also need