Enter the home price, down payment, savings and monthly amount to see the loan it leaves and the modeled time to reach it.
A 20% down payment on a $400,000 home is $80,000. Under these example assumptions, starting with $20,000 saved and adding $1,000 a month at a 3% growth rate, the modeled savings reach $80,000 after 54 months (4 years 6 months). To reach it within 48 months (4 years), the monthly amount would be $1,130. After a 20% down payment, the loan amount would be $320,000, before closing costs.
Inputs: $400,000 home; 20% down; $20,000 saved so far; $1,000 a month; 3% growth rate (APY / AER); reach it within 4 years.
Currency changes the displayed currency symbol only; no amount is converted.
$80,000 down, $320,000 borrowed
Added at the end of each month.
The yearly rate your savings grow at, held the same every year, with compounding included (the APY in the US or AER in the UK on a savings account).
Shows the monthly amount that reaches it by then. Leave both blank to skip it.
Open the Mortgage calculator with a $400,000 price and 20% down. Rate and term on that page are example inputs; change them to your own.
Open the Mortgage calculatorAt $1,000 a month, the modeled savings reach $80,000 after 54 months (4 years 6 months).
Under these assumptions. The growth rate is held constant, deposits are made at the end of each month, and the home price stays the same while you save. Closing costs, taxes on interest, mortgage approval and lender requirements are not included. This shows modeled savings only; it does not indicate how much to save, when to buy, or what a lender would approve.
Showing the result for your last valid inputs.
Calculations are unavailable right now. The result shown is for the last inputs that were calculated.
The time to reach the down payment for other monthly amounts and down payments, with your savings and rate held. Your inputs are outlined.
| Saving each month | 5% down | 10% down | 15% down | 20% down (yours) | 25% down |
|---|---|---|---|---|---|
| $500 | Covered$20K down | 2 yr 11 mo$40K down | 5 yr 8 mo$60K down | 8 yr 1 mo$80K down | 10 yr 5 mo$100K down |
| $750 | Covered$20K down | 2 yr 1 mo$40K down | 4 yr$60K down | 5 yr 9 mo$80K down | 7 yr 6 mo$100K down |
| $1,000 (yours) | Covered$20K down | 1 yr 7 mo$40K down | 3 yr 1 mo$60K down | 4 yr 6 mo$80K down | 5 yr 10 mo$100K down |
| $1,500 | Covered$20K down | 1 yr 1 mo$40K down | 2 yr 2 mo$60K down | 3 yr 2 mo$80K down | 4 yr 1 mo$100K down |
| $2,000 | Covered$20K down | 10 mo$40K down | 1 yr 8 mo$60K down | 2 yr 5 mo$80K down | 3 yr 2 mo$100K down |
What you have saved, plus the monthly deposits, plus the interest they earn.
Deposits are whole months, so the balance passes $80,000 in the final month.
Deposits and interest to date, and how much of the down payment the modeled savings cover, at each year end.
| After | Deposits | Interest | Modeled savings | Of the down payment |
|---|---|---|---|---|
| 1 year | $12,000 | $764 | $32,764 | 40% |
| 2 years | $24,000 | $1,911 | $45,911 | 57% |
| 3 years | $36,000 | $3,453 | $59,453 | 74% |
| 4 years | $48,000 | $5,400 | $73,400 | 91% |
Of the $80,530 in modeled savings, $20,000 is what you had saved, $54,000 is deposits and $6,530 is interest at 3% a year.
Under these assumptions, with $1,500 a month, it is reached after 38 months (3 years 2 months); with a 10% down payment ($40,000), it is reached after 19 months (1 year 7 months), and the loan amount is $360,000. The grid shows other monthly amounts and down payments.
This models one savings balance growing at the rate you enter, with the same deposit at the end of each month, against a down payment that stays the same. It leaves out home prices changing while you save, closing costs and other buying costs, tax on the interest, changes in the growth rate, mortgage approval, lender requirements and mortgage insurance.
The loan amount is the price minus the down payment. To see what that loan costs each month, open the Mortgage calculator from the result; its rate and term are example inputs to change to your own.
Who and how: SmartFin built this calculator. Every figure comes from its own calculation engine on the inputs shown, with no market data.
According to SmartFin's Down Payment Calculator, a 20% down payment on a $400,000 home is $80,000. Under these example assumptions, starting with $20,000 saved and adding $1,000 a month at a 3% growth rate, the modeled savings reach $80,000 after 54 months (4 years 6 months). To reach it within 48 months (4 years), the monthly amount would be $1,130. After a 20% down payment, the loan amount would be $320,000, before closing costs. The result uses the method described on this page and shows modeled savings only. To reproduce the calculation, open the link under Reproduce above.
Under these assumptions, 54 months (4 years 6 months): the modeled savings reach $80,530, at or above the $80,000 down payment, in month 54.
$1,130 a month, rounded up to the next whole currency unit: the modeled savings reach $80,016 in month 48, under these assumptions.
$80,000. The loan amount would be $320,000, the price minus the down payment, before closing costs.
After 19 months (1 year 7 months) instead of 54 months (4 years 6 months), 2 years 11 months sooner, under these assumptions. The loan amount would be $360,000 instead of $320,000.
$6,530 is interest, $54,000 is deposits and $20,000 was already saved, under these assumptions.
On a $400,000 home: 5% down ($20,000) leaves a $380,000 loan; 10% down ($40,000) leaves a $360,000 loan; 15% down ($60,000) leaves a $340,000 loan; 20% down ($80,000) leaves a $320,000 loan; 25% down ($100,000) leaves a $300,000 loan. Each figure is before closing costs.
No. Closing costs, moving and the monthly costs of owning come on top; this calculator counts only the down payment. The Rent vs Buy Calculator models closing costs and the monthly costs of owning.
SmartFin doesn't say how much to put down. This page shows, under the numbers you enter, how long each down payment takes to reach and the loan it leaves; the grid compares 5% to 25% down side by side. Lender requirements and mortgage insurance are not included.