How to use the down payment calculator
Start with the purchase details. Enter Purchase price ($) and Target down payment (%), then add Current savings ($) and a future Target purchase date. Expected annual savings return (%, optional) lets you model monthly growth with a rate you choose. The result shows the required amount, monthly contribution, assumptions, and schedule.
- Enter the Purchase price ($).
- Enter the Target down payment (%) above 0 and at most 100.
- Enter Current savings ($), or leave it blank to use $0.
- Choose a future Target purchase date.
- Enter an Expected annual savings return (%, optional), or leave it blank for 0%.
- Click Calculate, then review the result or use Copy result or Download result (.txt).
Calculate a down payment and monthly savings
The required down payment is the purchase price multiplied by the target percentage. For a $350,000 purchase price and a 20% target, the calculation is:
Purchase price: $350,000
Target down payment: 20%
Required down payment: $70,000The plan projects Current savings to the target date, then calculates an equal monthly contribution for the remaining amount. The result lists Months until target date, Required monthly contribution, Projected savings balance at target date, Total contributions over the plan, and Total interest/growth earned over the plan.
What the expected annual savings return changes
A blank Expected annual savings return (%, optional) uses 0%. When you enter a value, the calculator divides the annual percentage by 12. In each schedule row, it calculates growth on the opening balance, then adds that month's contribution.
The calculator uses these formulas:
Required down payment = Purchase price x (Target % / 100)Monthly rate = Expected annual return / 100 / 12Monthly contribution = Remaining need / [((1 + r) ^ Months - 1) / r]
At 0%, the contribution is the remaining need divided by the number of months. If projected Current savings already meet the required down payment, the result says On track and sets Required monthly contribution to $0.
Down payment calculator dates and validation
Purchase price and Target down payment (%) must be above 0, and the percentage can reach 100. Current savings may be $0 or higher. When entered, Expected annual savings return (%, optional) must be between 0 and 100.
Target purchase date must be valid and later than today. The planning period uses whole calendar months. If the target day is later in its month than today's day, the calculator rounds the partial month up. Dates more than 100 years away are rejected. Changing an input hides the previous result until you click Calculate again.
What this savings plan leaves out
The required amount covers the down payment only. It excludes closing costs, moving costs, taxes, insurance, private mortgage insurance, and other purchase fees. The expected return is your planning assumption. The calculator does not fetch mortgage rates, lender terms, or account interest rates.
The calculation runs in the browser using your entries and today's date. After a valid calculation, Copy result copies plain text, while Download result (.txt) saves the same full plan as a text file.
Where this comes up
- Compare a purchase price and target percentage with Current savings ($) to see the starting shortfall.
- Leave Expected annual savings return (%, optional) blank or enter a rate, then inspect the balance and growth in each month.
- Keep the assumptions and schedule in another document with Copy result or Download result (.txt).
When another financial calculator fits better
Use the Financial Calculators category when you are choosing among loan, debt, pay, housing, and savings calculations. For a period-by-period loan balance with principal and interest, use the Amortization Calculator. For interest growth on a principal, rate, fees, term, and compounding frequency, use the Compound Interest Calculator. For a savings target and deadline without this page's purchase-price percentage, use the Savings Goal Calculator.
Frequently asked questions
How is a down payment calculated?
Enter Purchase price ($) and Target down payment (%), then click Calculate. The required amount is the price multiplied by the percentage divided by 100.
How much to save each month for a down payment?
Enter Current savings ($) and a future Target purchase date to see Required monthly contribution. The calculator includes the monthly growth from Expected annual savings return (%, optional) when you enter one.
What happens if my savings already cover the down payment?
The result shows On track and sets Required monthly contribution to $0 when projected Current savings meet or exceed the required down payment.
Does the down payment calculator include closing costs?
No. The required amount is the down payment only. Closing costs, moving costs, taxes, insurance, private mortgage insurance, and other purchase fees are outside the calculation.