House Down Payment Calculator
FinanceCalculate how much you need to save each month for a house down payment and closing costs, and when you will be ready to buy.
Down Payment Needed
Your down payment target
Months to Reach Goal
66 months
Time to save enough
Closing Costs (3%)
$10,500
Estimated closing costs
Total Cash Needed
$80,500
Down payment + closing costs
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From Scratch To $10K/Month In 60 Days
This is a proven money making system that takes students by the hand to make at least $10,000 per month, every month. Students get 12 weeks of guided coaching in addition to the "MPS Super Funnel" and tools.
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Odeh Ahwal0people find this calculator helpful
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Saved
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Frequently Asked Questions
How much do I need for closing costs?
Closing costs typically run 2-5% of the loan amount. Budget 3% of the home price as a safe estimate. These include lender fees, title insurance, appraisal, attorney fees, and prepaid items like property taxes.
Should I put 3.5% or 20% down?
20% down avoids PMI (saving $50-200/month) and gives lower monthly payments. However, waiting to save 20% means paying rent longer. The right choice depends on your local market, income stability, and how fast home prices are rising.
Can I use gift money for a down payment?
Yes, most loan programs allow gift funds from family members. FHA and conventional loans have specific gift letter requirements. The donor must confirm the money is a gift, not a loan.
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