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Down Payment Target
$80,000
More details
ℹ️ At 20%+ down, no PMI required — solid position.
How to Use
- 1Enter your target home price and desired down payment percentage.
- 2Input how much you have currently saved toward a down payment.
- 3Enter how much you plan to save each month going forward.
- 4Add your current savings account APY to see how interest accelerates your goal.
- 5Review how long it will take and budget for closing costs (typically 2–5%).
Frequently Asked Questions
What is the minimum down payment?+
Conventional loans require as little as 3% down. FHA loans require 3.5% (or 10% with credit score below 580). VA and USDA loans offer 0% down to eligible borrowers.
Is 20% down always best?+
20% down eliminates PMI and lowers your monthly payment, but it also requires a large lump sum. Many buyers choose 5–10% down to enter the market sooner, accepting PMI as a trade-off.
What are closing costs?+
Closing costs are typically 2–5% of the purchase price and cover lender fees, appraisal, title insurance, and prepaid items. They are separate from your down payment and must also be saved.
Can down payment funds be a gift?+
Yes — most loan programs allow gift funds from family members for the down payment. FHA allows 100% gifted funds. Conventional loans require the buyer to contribute at least 3–5% from their own funds for certain loan types.
Where should I keep my down payment savings?+
High-yield savings accounts or money market accounts currently offer 4–5% APY with FDIC protection, making them ideal for short-to-medium term down payment savings goals.
This calculator is for informational purposes only and does not constitute financial, legal, or tax advice. Consult a qualified professional before making real estate or financial decisions.