Finance
Down Payment Savings Calculator
Find the monthly saving needed to build a down payment by a target date.
Formula
Target down payment is price times percentage divided by 100; monthly saving comes from the future-value-of-an-annuity formula after growing current savings.
How it works
Closing costs are extra, often 2–5% of price, so consider saving beyond the down payment itself. The rate here is the return on your savings account.
FAQs
Is 20% required?
No — many loans allow less, sometimes with mortgage insurance.
What else do I need at closing?
Closing costs, moving costs, and a small reserve.
Does the rate matter?
Modestly over two years, more over longer periods.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.