See how much you really need — and how long to save
Stop guessing at 3%, 10%, or 20%. See exactly what each down-payment tier changes — monthly payment, PMI, and the months until you've actually saved it.
Your goal
Your savings plan
At 10% down, you will pay private mortgage insurance until your LTV drops to 78-80%.
Assumes consistent monthly contributions and the same home price over the saving period. Estimates only based on national averages. Always confirm with a licensed lender.
Find the down payment target that fits your plan
See how your down payment changes monthly cost, PMI, and the cash you need upfront.
Compare buying sooner vs. waiting longer
A larger down payment may lower your monthly cost, but waiting too long may change your rate or home price. Compare both paths.
Minimum down payment by loan type
Real-world minimums. Individual lenders may require more based on credit and reserves.
| Loan type | Minimum down | Notes |
|---|---|---|
| Conventional (first-time buyer) | 3% | HomeReady, Home Possible, conventional 97 |
| Conventional (standard) | 5% | No PMI at 20% down |
| FHA | 3.5% | 580+ credit; MIP for life of loan if <10% down |
| VA | 0% | Eligible veterans / active duty; funding fee applies |
| USDA | 0% | Rural areas; income limits apply |
| Jumbo | 10-20% | Loans above conforming limits; stricter credit |
Build your savings plan
1. Enter the price range of homes you are eyeing.
2. Pick a target down payment % — try 10% and 20% to see the tradeoff.
3. Enter what you can realistically put into savings each month.
Your target date and the PMI status tell you whether it is worth saving longer.
Eligible sources
Personal savings: checking, savings, money market, HYSA.
Gift funds: documented with a signed letter.
Retirement withdrawals: IRA (up to $10k penalty-free for first-time buyers).
Sale proceeds: from selling a car, collectibles, or investments (document the chain).
Assistance programs: state/county grants and soft seconds.
Related tools
Keep planning with our other free calculators and guides.
Mortgage calculator
Full PITI payment estimator.
PMI calculator
See PMI by down payment and credit score.
Affordability calculator
How much house you can afford.
First-time buyer checklist
Step-by-step path from savings to closing.
How much house can I afford?
Guide to the 28/36 DTI rule and budgeting.
Closing costs calculator
Cash needed on top of the down payment.