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% |
Other monthly amounts and down payments, the money trail, the chart, the year-by-year table and the method are in the full calculator.