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Calcora

Housing

Down Payment Calculator

Work out the down payment for a home price and percentage, your savings gap, and the savings timeline or monthly savings to reach it.

Your down payment

Enter a home price, the down payment percentage you are aiming for, and what you have saved toward it.

What do you want to work out?

The down payment a home price needs at the percentage you choose, and how far your savings are from it.

Home target

The price of the home you are planning for.

The percentage of the price you plan to pay upfront. Use 0 for none.

Optional planning estimate for upfront closing costs, as a percent of the price. This is separate from the down payment.

Savings

The money you are counting toward this purchase. Leave blank for $0.

Private by design

Your home price, savings, and plan stay in your browser and are not sent to Calcora.

How this down payment calculator works

  1. Choose what to work out

    Down payment target shows the cash a home price needs at the percentage you choose. Savings plan adds how long saving toward it could take.

  2. Set the target

    The down payment is the home price × your percentage, rounded to the cent. Closing costs, if you enter them, are a separate target added on top.

  3. Compare it with your savings

    Your current savings are compared with the down payment, and with the total upfront cash when closing costs are included: what is still needed, or how far above the target you are.

  4. Plan the savings

    In the savings plan, your balance grows month by month with your contributions and the return you assume, until it first reaches the goal. A target time adds the monthly amount it would take, to the cent.

How down payments work

Down payment amount vs percentage

A down payment is the part of the price paid upfront, usually described as a percentage of it. The same percentage means a different amount at every price: 10% of $300,000 is $30,000, and of $500,000 it is $50,000.

How the down payment affects the mortgage

Whatever the down payment does not cover is borrowed. A larger down payment means a smaller mortgage amount, and less to pay interest on; a smaller one keeps more cash available but leaves a larger loan.

Closing costs are separate

Closing costs, such as lender and title fees, are paid at closing in addition to the down payment. They raise the cash needed upfront but do not lower the mortgage amount. Estimates vary by location, lender, and loan.

Saving toward a down payment

A target turns saving into a plan: an amount, what you already have, and what you add each month. The gap between your savings and the target is what contributions and any growth need to cover.

How growth affects the timeline

Savings that earn a return reach a goal sooner than contributions alone. The effect is modest over a few years and larger over many. Returns are not guaranteed, so the calculator treats the rate as an assumption.

Why 20% is not a universal requirement

20% is often mentioned because some loans add mortgage insurance below it, but many loan programs accept less, and rules vary by lender and program. The calculator treats every percentage the same and does not check loan requirements.

Example calculation

A $400,000 home with a 20% down payment target, 3% estimated closing costs, and $50,000 saved. The plan adds $1,000.00/month at an assumed 4% annual return, compounded monthly. Calculated the same way as the calculator above.

The target

Down payment (20% of $400,000)
$80,000.00
Closing costs (3%)
$12,000.00
Total upfront cash goal
$92,000.00
Current savings
$50,000.00
Amount still needed
$42,000.00
Estimated mortgage amount
$320,000.00

Closing costs raise the cash needed upfront, but the mortgage amount is still the price minus the down payment.

The savings plan

Estimated time to reach the goal
2 years, 11 months
Future contributions
35 × $1,000.00 = $35,000.00
Estimated growth
$8,234.40
Balance when the goal is reached
$93,234.40

The month before, the balance is still below the $92,000.00 goal. Estimated growth is an assumption: at 0%, the same plan would rely on contributions alone.

Assumptions

  • This is a planning estimate based on the percentages and assumptions you enter. It does not check loan programs, lender requirements, or what a lender would approve.
  • The down payment is the home price × the percentage you enter, rounded to the nearest cent. The mortgage amount is the rest of the price. No rate, payment, interest, or mortgage insurance is calculated here.
  • Closing costs are optional: a percentage of the price, rounded to the cent, kept separate from the down payment. They add to the total upfront cash target and never change the down payment or the mortgage amount.
  • Current savings are the money you choose to count toward this purchase. Progress compares them with each target today, rounded down to hundredths of a percent, so it never shows 100% early.
  • The savings plan follows the same rules as the Savings and Compound Interest calculators: contributions arrive at the end of each month, and the return you assume is earned monthly (the annual rate ÷ 12) and added on each compounding date.
  • The savings goal is the down payment, plus closing costs when you enter them. The time to reach it is the first whole month whose projected balance is at or above the goal, projected for up to 50 years.
  • With a target time, the required monthly savings is the smallest amount, to the cent, that reaches the goal by then: one cent less would fall short.
  • The home price stays the same while you save. Taxes on savings growth, fees, inflation, and changes in prices, rates, or income are not modeled.

How Calcora calculates

  • Every calculator explains the formula behind its result in plain language.
  • Calculators are designed to run in your browser, so your inputs are not sent to Calcora.
  • Results help you understand your options. They are not financial advice.
Read the methodology

Frequently asked questions

How much do I need for a down payment?
It depends on the home price, the loan program, and your own plans. The calculator does not choose a percentage for you: it shows the cash the percentage you enter would take, so you can compare options side by side.
Do I need to put 20% down?
Not necessarily. Many loan programs accept less than 20%, and some buyers put down more. A smaller down payment can mean a larger loan and, with some loans, mortgage insurance. The calculator shows the trade-off in cash and mortgage amount, not which choice is right for you.
Are closing costs part of the down payment?
No. Closing costs are paid at closing in addition to the down payment. Enter an estimate as a percentage of the price to see the total cash you might need upfront; it does not change the down payment or the mortgage amount.
Is the annual return guaranteed?
No. Savings rates change, and investments can lose value. The calculator applies the rate you enter as if it stayed constant, so the time to reach your goal is an estimate. Use 0% to see a plan built from contributions alone.
Why does the required monthly amount leave a few cents extra?
Monthly savings are rounded up to the next cent, so the balance can end slightly above the goal. One cent less a month would fall short.
What if my savings already cover the down payment?
The calculator shows the target as reached, or exceeded with the amount above it. You can include estimated closing costs to see whether your savings also cover the total cash upfront.
Does Calcora store my information?
No. Every calculation runs in your browser. Your home price, savings, and plan are not sent to Calcora, stored, or shared.

Related calculators

To see the monthly payment for a price and down payment, use the Mortgage Calculator. To estimate a home price from your income and debts, use the Home Affordability Calculator. For a savings goal that is not a home, the Savings Calculator works the same way.