Calculate how much you need for a house down payment and how long it will take to save. Factor in home price, down payment percentage, and your savings rate.
Once you sign up, your accounts, income, expenses, and goals update these numbers automatically.
The traditional recommendation is 20% of the home price, which avoids Private Mortgage Insurance (PMI). However, many loan programs allow 3-5% down (conventional), 3.5% (FHA), or even 0% (VA and USDA). A larger down payment means lower monthly payments and less interest over the life of the loan.
Beyond the down payment, budget 2-5% of the home price for closing costs — appraisal fees, title insurance, attorney fees, and lender charges. On a $350,000 home, that's $7,000-$17,500. Some of these costs are negotiable or can be covered by the seller.
Open a dedicated high-yield savings account labeled for your house fund. Automate monthly transfers. Consider cutting large discretionary expenses temporarily. Some employers offer homebuyer assistance programs, and first-time buyer programs may offer grants or down payment assistance.
Enter the home price and your desired down payment percentage to set your savings target. The calculator projects how long it will take to reach that target based on your current savings, monthly savings rate, and the interest on your savings. Adjust the home price and down payment percentage to see different scenarios.
For a $350,000 home with 20% down, you need $70,000. With $15,000 saved, contributing $2,000/month at 4% interest, you'd reach $70,000 in about 26 months. Dropping to 10% down ($35,000) cuts the timeline to roughly 10 months — but adds PMI to your future mortgage payment.
Remember to budget 2-5% of the home price for closing costs on top of your down payment. On a $350,000 home, that's an additional $7,000-$17,500.
Compare 10% vs. 20% down scenarios. The PMI cost on 10% down is typically $100-$200/month — sometimes worth it if home prices are rising faster than you can save.
If home prices in your area are rising 5%+ per year, waiting 2 more years to save a bigger down payment may actually cost you more than the PMI you'd avoid.
Look into first-time homebuyer programs in your state — many offer down payment assistance grants or reduced-rate mortgages that can significantly lower your savings target.
Down payment is the headline. The trap is closing costs, inspection, moving, the first repair. The Home Purchase Plan template covers all of them so closing day isn't a series of surprises.
Open the Home Purchase Plan