Down payment calculator
Enter the price and either a percentage or a fixed amount. You get the down payment, the loan you would need and the loan-to-value ratio. Add what you have saved and what you can put aside each month to see how long it will take.
Runs in your browser: nothing you enter is sent anywhere.
How to use it
- Enter the home price.
- Choose whether you enter the down payment as a percent or as an amount.
- Enter what you have already saved and what you can add each month. Set the yearly return if the money is invested, or 0 if it sits in cash.
- Read the down payment, loan and LTV, and the months needed to save.
How it works
Down payment = price × percent ÷ 100, or the amount you typed. Loan = price − down payment and LTV = loan ÷ price. For saving, each month the balance is multiplied by 1 + return ÷ 12 and the monthly deposit is added. The tool finds the smallest whole number of months n with S·(1+i)^n + D·((1+i)^n − 1) ÷ i at least equal to the down payment, where S is the amount saved, D the monthly deposit and i the monthly rate.
Worked example
A 400,000 home with 20% down needs 80,000, leaving a 320,000 loan at 80% LTV. With 15,000 saved and 1,000 put aside each month at 4% a year, the goal is reached in 57 months, or 4.75 years. With no return it would take 65 months.
Tips
- A smaller down payment raises the loan, the monthly payment and total interest. Try a few percentages and compare them in the mortgage calculator.
- Interest on savings is taxed in many places. The tool ignores taxes and inflation.
These are estimates to help you plan, not financial advice.
Frequently asked questions
What is LTV?
Loan-to-value is the loan divided by the home price. A 320,000 loan on a 400,000 home is 80% LTV. The lower the LTV, the less the lender risks, and many lenders ask for mortgage insurance above 80%.
How is the time to save calculated?
Savings grow at the yearly return divided by 12 each month, and the monthly amount is added at the end of each month. The result is the first whole month in which the balance reaches the down payment. With 0% return it is the amount still needed divided by the monthly saving, rounded up.
Why is the months field empty?
The goal cannot be reached: you have saved nothing, set aside nothing and the return is 0%, or it would take more than 100 years. Raise the monthly amount to see a result.
Do closing costs count?
No. Closing costs, moving costs and a cash reserve come on top of the down payment, so add them to the amount you want to reach if you want to plan for the full cash needed.
Is 20% required?
Not by this calculator. Some lenders and programs accept less, others want more, and the rules depend on the country and the loan. The tool only does the arithmetic for whatever share you enter.