Down Payment Calculator

See how much you need to put down, how long to save it, and when you clear the 20% PMI line.

Home price

Target down payment: %

Current savings

Monthly savings

Down payment needed

Still to save

Time to reach goal

20% (avoid PMI)

Time to 20%

How to Use

1. Enter the target home price and your target down payment percentage.
2. Add your current savings and how much you can save each month.
3. We show the dollar amount needed, the gap, and how many months to reach it — plus the 20% PMI-avoidance target.

Calculation Method

Down payment amount = home price × target percentage. Remaining to save = amount − current savings. Months to goal = remaining ÷ monthly savings. The 20% line (price × 0.20) is highlighted because reaching it typically avoids Private Mortgage Insurance.

Data sources: PMI threshold of 20% equity (industry standard).

Examples

$400,000 home, 20% target, $30,000 saved, $1,500/mo

Need $80,000 → $50,000 to go → about 34 months of saving.

Frequently Asked Questions

No. Many loans allow 3–5% down. But 20% lets you avoid PMI and lowers your monthly payment.

Cash you pay upfront toward the home price, separate from closing costs.

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Mortgage Information Disclaimer

The mortgage calculations on this site are estimates based on the information you provide. Actual mortgage terms, interest rates, and payments will vary based on your credit score and history, debt-to-income ratio, property type and location, loan program, lender-specific requirements, and market conditions.

SmartMortgageCalcs does not provide mortgage, financial, or legal advice. We are not a mortgage lender or broker. We strongly recommend consulting with multiple licensed mortgage lenders, working with a qualified real estate agent, reviewing all documents carefully before signing, and seeking advice from a financial advisor. Our estimates do not constitute a loan offer or commitment — final loan terms are determined by the lender. Interest rates and fees shown are illustrative only.

Last updated: May 19, 2026