About Down Payment Savings Goal
The biggest barrier to homeownership for millennials and Gen Z is not the monthly mortgage payment—it's the Down Payment. Saving tens of thousands of dollars while paying rent requires discipline and a plan. This calculator acts as your roadmap.
How Much Do You Need?
- Conventional Loans: Traditionally 20% to avoid PMI (Private Mortgage Insurance). On a $400k home, that's $80,000.
- Minimum Conventional: Often 3% or 5% for first-time buyers ($12k - $20k).
- FHA Loans: 3.5% minimum ($14k).
- VA / USDA Loans: 0% down (Qualified buyers only).
The Time Factor
This tool helps you visualize the timeline. If you need $30,000 and can save $1,000 a month, it will take 30 months (2.5 years). Seeing this number can motivate you to cut expenses or hustle for extra income to shorten the timeline. It also helps manage expectations—buying a house next month might differ from reality if the savings aren't there.
How to Use
Enter your Target Home Price, your Target Down Payment %, and your Monthly Savings. The tool tells you the date you will be ready to buy.