💰 Down Payment Savings Goal Calculator
Enter your target home price, down payment percentage, current savings and monthly savings rate to find out how many months until you reach your down payment goal.
Two steps: the target, then the timeline
The calculator sizes the goal from the price and percentage, subtracts what you already hold, and divides the gap by what you put away each month:
target = price × (down % / 100)
remaining = target - current savings
months = ceiling(remaining / monthly savings)With the defaults - $350,000 at 20%, $15,000 saved, $1,500 a month - the target is $70,000 and the gap $55,000. Dividing gives 36.7, rounded up to 37 months, or 3 yr 1 mo. If your savings already cover the target the tool says so rather than returning a negative timeline.
What the straight line leaves out
- No interest is credited. Park the same balance in a 4% APY account and the 37 months becomes about 34.
- 20% is not required. Conventional loans go to 3%, FHA to 3.5%, VA and USDA to zero. At 10% the target halves to $35,000 and the wait drops to 14 months, at the cost of PMI until you hold 20% equity.
- Prices move while you save. A 4% annual rise adds about $44,000 to a $350,000 home over three years, pushing the target up $8,800.
Frequently asked questions
How long does it take to save a 20% down payment?
On a $350,000 home the target is $70,000. From $15,000 saved and $1,500 a month it takes 37 months; halve the monthly amount and it becomes 74.
Is a bigger down payment always better?
Not past 20%. At that point PMI is gone and the only remaining gain is interest on a slightly smaller loan, which is usually worth less than keeping the cash as an emergency fund.
Can down payment money come from a gift?
Yes for most conventional and FHA loans, but the lender wants a gift letter confirming it is not a loan and will trace the deposit. Only add gifted money to the current savings box once it is in your account.