Down Payment Savings Time Calculator
Estimate how long it will take to save enough money for a home down payment.
Saving for a home down payment can feel overwhelming, but a clear plan makes it easier. This free Down Payment Savings Time Calculator shows you how long it may take to reach your goal based on your current savings, monthly contributions, and the interest you earn on your savings account or CD.
If you’re planning to buy a home, don’t miss our Buying a Home Hub and the Real Estate & Homeownership Hub for step-by-step guides, checklists, and local insights.
You can also explore more tools in our
Retirement Calculator Hub
, including:
•
Mortgage Payoff Calculator
•
Rent vs Buy Calculator
•
Long-Term Cost to Insure Calculator
How Long to Save for a Down Payment
Enter your down payment goal, your current savings, the amount you plan to save each month, and the annual interest rate you expect to earn. We’ll estimate how many months and years it will take to reach your goal.
Down Payment Savings Calculator FAQ
How does this down payment savings calculator work?
This calculator shows how long it will take to save for a home down payment using your current savings, the amount you plan to save each month, and the interest rate you earn on those savings. It simulates your growth month-by-month, adding contributions and compounding interest until your goal is reached.
What interest rate should I use for my savings?
A common choice is the interest rate of your high-yield savings account, money market fund, or CD. Rates currently vary widely—from under 1% at large banks to over 4% at online banks. If you’re unsure, try running several scenarios with different interest rates to compare outcomes.
How much should I save for a down payment?
Most buyers aim for a down payment of 3%–20% of the home price. Putting down more can reduce your monthly mortgage payment and may eliminate private mortgage insurance (PMI). If you’re unsure how much you need, visit our Buying a Home Hub for detailed guides.
How can I save for a down payment faster?
Increasing your monthly savings, earning a higher interest rate, reducing debt payments, working part-time temporarily, or redirecting bonuses and tax refunds can shorten the time to your goal. Even $50–$100 more per month can make a meaningful difference over time. For more ideas, explore our Senior Finance Hub .
What if my savings aren’t growing fast enough to reach the goal?
If your savings timeline is too long, try adjusting the calculator inputs to see what changes help—such as saving more each month, increasing your interest rate with a better savings account, or reducing your down payment target. You may also explore down payment assistance programs or lower-cost markets in our Real Estate & Homeownership Hub .
RetireCoast Calculator Disclaimer
Disclaimer: RetireCoast has created this calculator for the exclusive use of our readers. Visit this site as often as you like and try out our large variety of calculators. We believe that the results will be calculated correctly, but we are not responsible for the results or the data that visitors enter. If you would like to retain a printed or electronic copy of the results, use the print-screen function or screenshot tools on your computer or mobile phone.
