{
    "name": "Down Payment Calculator",
    "url": "https://calculators.geekmidst.com/calculators/down-payment-calculator",
    "markdown": "https://calculators.geekmidst.com/calculators/down-payment-calculator.md",
    "category": "Finance",
    "description": "Work out the down payment and closing costs for a home, how much more you need to save, and how many months it will take at your saving rate.",
    "summary": "The cash you need to buy a home is the down payment plus closing costs. Enter what you have saved and what you can put aside each month to see how long it will take.",
    "also_called": [
        "House deposit calculator"
    ],
    "applies_to": "Worldwide",
    "last_updated": "2026-10-29",
    "computation": "Results are computed in the visitor’s browser on the HTML page. This API describes the calculator; it does not compute results.",
    "inputs": [
        {
            "name": "price",
            "label": "Home price",
            "type": "number",
            "default": "400000"
        },
        {
            "name": "down_pct",
            "label": "Down payment",
            "type": "number",
            "default": "20",
            "unit": "%"
        },
        {
            "name": "closing_pct",
            "label": "Closing costs",
            "type": "number",
            "default": "3",
            "unit": "% of price",
            "optional": true
        },
        {
            "name": "saved",
            "label": "Already saved",
            "type": "number",
            "default": "30000",
            "optional": true
        },
        {
            "name": "monthly",
            "label": "Monthly saving",
            "type": "number",
            "default": "1500",
            "optional": true
        },
        {
            "name": "return",
            "label": "Return on savings (per year)",
            "type": "number",
            "default": "4",
            "unit": "%",
            "optional": true
        },
        {
            "name": "currency",
            "label": "Currency",
            "type": "currency",
            "default": "USD"
        }
    ],
    "outputs": [
        {
            "key": "cash_needed",
            "label": "Total cash needed",
            "format": "currency"
        },
        {
            "key": "down_payment",
            "label": "Down payment",
            "format": "currency"
        },
        {
            "key": "closing_costs",
            "label": "Closing costs",
            "format": "currency"
        },
        {
            "key": "loan_amount",
            "label": "Loan amount",
            "format": "currency"
        },
        {
            "key": "still_needed",
            "label": "Still to save",
            "format": "currency"
        },
        {
            "key": "months",
            "label": "Months to reach the goal",
            "format": "integer"
        }
    ],
    "formula": {
        "text": "Target = Price × (Down% + Closing%);  months n = smallest whole number with S(1 + i)^n + M((1 + i)^n − 1) ÷ i ≥ Target",
        "variables": {
            "S": "amount already saved",
            "M": "monthly saving",
            "i": "annual return ÷ 12 ÷ 100 (with no return, n = (Target − S) ÷ M)"
        }
    },
    "worked_example": {
        "inputs": {
            "price": "400000",
            "down_pct": "20",
            "closing_pct": "3",
            "saved": "30000",
            "monthly": "1500",
            "return": "4",
            "currency": "USD"
        },
        "steps": [
            "Down payment = 20% × 400,000 = $80,000; closing costs = 3% × 400,000 = $12,000; total $92,000.",
            "Still needed = 92,000 − 30,000 = $62,000.",
            "With $1,500 a month at 4% a year, n = ln((92,000 × 0.003333 + 1,500) ÷ (30,000 × 0.003333 + 1,500)) ÷ ln(1.003333) = 36.5, so 37 months."
        ],
        "result": "You need $92,000 in cash, and saving $1,500 a month gets you there in about 37 months."
    },
    "interpretation": "A smaller down payment shortens the wait but raises the loan, the monthly payment and, in many markets, adds mortgage insurance. Try a few percentages to see the trade-off.",
    "assumptions": [
        "Savings earn the return you enter, compounded monthly, and deposits are made at the end of each month.",
        "The home price stays the same while you save."
    ],
    "limitations": [
        "Minimum down payments and closing-cost levels depend on the country, loan type and lender; enter your own figures.",
        "Moving costs and cash reserves lenders may require are not included."
    ],
    "rules": null,
    "faqs": [
        {
            "question": "Do I need 20% down?",
            "answer": "Not always. Many loans allow less, but a smaller down payment often means paying mortgage insurance or a higher rate. Check the minimum with your lender."
        },
        {
            "question": "What are closing costs?",
            "answer": "Fees paid when you complete the purchase, such as lender fees, legal or title costs and taxes on the transfer. Ask for an estimate early."
        }
    ],
    "sources": [],
    "related": [
        {
            "name": "Savings Goal Calculator",
            "url": "https://calculators.geekmidst.com/calculators/savings-goal-calculator"
        },
        {
            "name": "Mortgage Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-calculator"
        },
        {
            "name": "FHA Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/fha-loan-calculator"
        },
        {
            "name": "Rent vs Buy Calculator",
            "url": "https://calculators.geekmidst.com/calculators/rent-vs-buy-calculator"
        }
    ],
    "disclaimer": "This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.",
    "publisher": "GM¹X CalcVerse"
}