# Down Payment Calculator

> 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.

Category: Finance · Applies to: Worldwide · Last updated: 2026-10-29
Interactive calculator: https://calculators.geekmidst.com/calculators/down-payment-calculator

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.

## Inputs
- Home price (default 400000)
- Down payment (unit %; default 20)
- Closing costs (unit % of price; default 3; optional)
- Already saved (default 30000; optional)
- Monthly saving (default 1500; optional)
- Return on savings (per year) (unit %; default 4; optional)
- Currency

## Results
- Total cash needed
- Down payment
- Closing costs
- Loan amount
- Still to save
- Months to reach the goal

## Formula

```
Target = Price × (Down% + Closing%);  months n = smallest whole number with S(1 + i)^n + M((1 + i)^n − 1) ÷ i ≥ Target
```

Where:
- S: amount already saved
- M: monthly saving
- i: annual return ÷ 12 ÷ 100 (with no return, n = (Target − S) ÷ M)

## Worked example
1. Down payment = 20% × 400,000 = $80,000; closing costs = 3% × 400,000 = $12,000; total $92,000.
2. Still needed = 92,000 − 30,000 = $62,000.
3. 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.

## What the result means

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 and limits
- 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.
- 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.

## Questions

### Do I need 20% down?

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.

### What are closing costs?

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.

## Related calculators
- [Savings Goal Calculator](https://calculators.geekmidst.com/calculators/savings-goal-calculator)
- [Mortgage Calculator](https://calculators.geekmidst.com/calculators/mortgage-calculator)
- [FHA Loan Calculator](https://calculators.geekmidst.com/calculators/fha-loan-calculator)
- [Rent vs Buy Calculator](https://calculators.geekmidst.com/calculators/rent-vs-buy-calculator)

_This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ._

Source: GM¹X CalcVerse — https://calculators.geekmidst.com/calculators/down-payment-calculator