Down Payment Calculator
Plan your path to homeownership. Calculate how much you need to save each month to reach your down payment goal.
Savings Plan
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Amount needed: $60,000
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Time to Goal
Time to Reach Goal
0 Years, 0 Months
Date: Jan 2026
Total Principal Saved
$0.00
Total Interest Earned
$0.00
Alternatives
To reach your goal in exactly:
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Why 20% Down Payment?
While you can buy a home with less than 20% down, aiming for this target has significant benefits:
Avoid PMI
With 20% down, you typically won't have to pay Private Mortgage Insurance, saving you $100-$300 monthly.
Better Interest Rates
Lenders offer their best rates to borrowers with higher down payments because the loan is less risky.
Immediate Equity
You start with a substantial stake in your home, providing a buffer against market fluctuations.