Down Payment Savings Calculator
Enter your target home price, down payment percentage, and how much you can save each month to see your target amount, what's left to save, and whether your current pace gets you there in time. Add closing costs and expected price appreciation below for extra context — they won't change your core numbers, but they will change how comfortable you should feel about them.
- Target down payment
- $400,000 × 20.0% = $80,000
- Remaining needed
- $80,000 − $15,000 = $65,000
- Recommended monthly
- $65,000 ÷ 60 months = $1,083
- Projected savings
- $15,000 + ($800 × 60) + ($2,000 × 5.0) = $73,000
- Projected shortfall
- $7,000
What your result means
A 20.0% down payment on a $400,000 home is $80,000. With $15,000 saved already and $800/month plus $2,000/year in bonuses over 5.0 years, you're projected to reach $73,000 — a shortfall of $7,000.
To close the remaining $65,000 over 5.0 years without relying on bonuses, this is the flat monthly amount needed.
$80,000 down payment + $12,000 estimated closing costs at 3.0% of price.
Reaching $80,000 (20% of price) at your current monthly pace, before counting bonuses.
Your target and progress figures are down-payment-only: price multiplied by percentage, compared against what you've already saved plus what you plan to contribute. They don't include closing costs, moving expenses, or any interest your savings might earn along the way — those live in the optional context above so they don't distort the core math.
If home prices in your market rise 3.0% a year, a $400,000 home today could cost roughly $463,710 in 5.0 years, pushing your real 20.0% target to about $92,742 — $12,742 more than the figure calculated above. Longer timelines make this gap larger, which is a reason to revisit this calculator periodically rather than treating one calculation as final.
Common down payment milestones: FHA loans allow as little as $14,000 (3.5%) on this home price, a conventional minimum sits near $20,000 (5%), a middle-ground 10% is $40,000, and the PMI-free threshold at 20% is $80,000. At $800/month, those are roughly 0, 6, 31 and 81 months away respectively, before bonuses.
At your current pace you're projected to fall short by $7,000. Raising your monthly contribution to $1,083, extending your timeline, or lowering your target percentage are the three levers that close this gap — any one alone, or a combination of smaller changes to each.
How to improve your result
- Raise your monthly contribution to the recommended pace+$283/mo
Your recommended monthly pace is $1,083 to close the remaining $65,000 over 5.0 years. Closing the gap between that and your current $800/month input removes the shortfall entirely.
- Redirect one full bonus/refund into the fund$2,000/yr already counted
Your plan already assumes $2,000 a year from bonuses. Doubling that to $4,000 a year would add $10,000 extra over your 5.0-year timeline.
- Consider a smaller down payment percentage$40,000 less needed at 10%
Dropping from 20.0% to 10% on this $400,000 home cuts your target from $80,000 to $40,000, though a smaller down payment usually means PMI until you build equity.
- Extend your timeline by one year-$181/mo needed
Spreading the same $65,000 remaining balance over 6.0 years instead of 5.0 lowers the flat monthly pace needed to close the gap.
- Move idle savings into a high-yield account~$3,375 extra over 5.0 yrs
This calculator's projection is contributions only, with no interest. At a rough 4.5% APY, your current $15,000 balance alone could add meaningfully to your total over 5.0 years.
- Budget for closing costs now, not at signing$12,000 extra to save
At 3.0% of a $400,000 home, closing costs run about $12,000 on top of your down payment — building that into your savings target avoids a cash crunch at signing.
Worked examples
First-time buyer targeting FHA minimum
- Home price
- $320,000
- Down payment
- 3.5%
- Current savings
- $4,000
- Timeline
- 2 years
- Monthly savings
- $400
- Yearly bonus
- $500
Target = $320,000 x 0.035 = $11,200 -> Remaining = $11,200 - $4,000 = $7,200 -> Months = 24 -> Recommended = $7,200/24 = $300/mo -> Projected = $4,000 + ($400 x 24) + ($500 x 2) = $14,600
Saving $100 more per month than strictly required builds a cushion for closing costs, which at 3% of price would add roughly $9,600 on top of the down payment.
Move-up buyer targeting 20% to avoid PMI
- Home price
- $550,000
- Down payment
- 20%
- Current savings
- $40,000
- Timeline
- 4 years
- Monthly savings
- $1,200
- Yearly bonus
- $3,000
Target = $550,000 x 0.20 = $110,000 -> Remaining = $110,000 - $40,000 = $70,000 -> Months = 48 -> Recommended = $70,000/48 = $1,458/mo -> Projected = $40,000 + ($1,200 x 48) + ($3,000 x 4) = $109,600
This plan is almost exactly on pace; raising monthly savings by about $9 or adding one extra small bonus contribution closes the remaining gap.
How this calculator works, assumptions, and sources
Frequently asked questions
Related calculators
- Emergency fund calculatorBuild financial security before unexpected emergencies happen.
- Sinking funds calculatorOrganize future bills and expenses more effectively.
- 52 week savings calculatorUse weekly savings challenges to build financial momentum.
- Salary after expenses calculatorSee what's actually left to save each month after costs.
Related reading
- The True Cost of Owning a HomeWhat comes after the down payment: closing costs, maintenance, and more.
- Build a Budget That Actually SticksWhere a down payment fund belongs in your monthly budget.
- Why Small Spending Feels Invisible (and How to Fix It)Small recurring cuts add up to real progress toward a savings goal.
Last reviewed July 9, 2026. Spotted an error? Report it via our corrections policy.