Free down payment savings calculator
Answer a few quick questions about your daily, weekly, monthly and yearly spending. See what your habits really cost, choose what to trim, and get the month you could have your down payment and closing costs saved.
Most people who earn good money and still struggle to save are not doing anything wrong. They just have never added up the small, repeat purchases. This tool does that for you, then turns the result into a timeline.
Pick a price and loan program. We add the down payment and estimated closing costs to show your cash needed to close.
Tap the habits that fit your life, enter what they cost and how often, and choose how much you would trim.
See your yearly habit cost, the money your trims free up each month, and the month you reach your goal.
None of these are bad on their own. The goal is to see what they cost in a year so you can decide what matters to you and what can go toward a home.
Your down payment depends on the loan program. Here are common minimums. Closing costs are separate and seller credits can help cover them.
| Loan program | Minimum down | Down payment on a $400,000 home |
|---|---|---|
| VA loan (eligible veterans and service members) | 0% | $0 |
| Conventional, first-time buyer | 3% | $12,000 |
| FHA | 3.5% | $14,000 |
| Conventional | 5% | $20,000 |
| Conventional, no mortgage insurance | 20% | $80,000 |
Ready to see real numbers for your situation? Start with getting pre-approved, or compare offers with the loan comparison tool.
It depends on the loan program and price. Many first-time buyers can use a conventional loan with 3% down, FHA loans start at 3.5% down, and eligible veterans and service members can use a VA loan with no down payment. Plan for closing costs on top of that, often around 2% to 4% of the price, though seller credits can cover some or all of them.
Eligible veterans, active duty service members and some surviving spouses can buy with a VA loan and no down payment. You still need cash for earnest money, inspections, moving and any closing costs the seller does not cover, so a savings plan still matters.
The biggest leaks are usually the ones that repeat: food delivery and dining out, coffee and workday lunches, unused subscriptions, credit card interest, and car payments above what you need. Small daily purchases add up to thousands of dollars a year.
Enter your target price, loan program, what you have saved and the habits you are willing to trim. The calculator projects the month you reach your cash to close goal and compares it with your current savings pace.
Paying down credit cards, car loans and other monthly debts lowers your debt-to-income ratio, which can raise the price range you qualify for. Extra savings also count as reserves, which lenders like to see after closing.
No. The calculator runs in your browser. Nothing is sent anywhere unless you choose to request a free consultation at the end.
Educational estimates only. Not a loan approval or commitment to lend. Loan programs, down payment and closing costs vary by property, credit and lender guidelines. First Meridian Mortgage, NMLS 180004. Licensed by the Virginia State Corporation Commission, MB-1029. Kevin S. Retcher, NMLS 116922.