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Down Payment Planner
Almost nobody needs twenty percent. What you do need is a plan: a target number, an honest look at what is already saved, and a monthly amount you can hold to without making life miserable.
This planner does that arithmetic. Change the target percentage and watch the timeline move, so you can decide whether waiting for a bigger down payment is worth the wait.
Your numbers
Conventional starts at 3%, FHA at 3.5%, VA and USDA at 0%.
Gift funds must be documented with a signed letter.
Reserve this on top of the down payment unless a seller credit covers it.
Your results
Time to your goal
22 months
Saving $750 a month toward $28,000 in total cash
- Down payment at your goal
- $17,500
- Estimated closing costs
- $10,500
- Total cash needed
- $28,000
- Cash you have lined up
- $12,000
- Still to save
- $16,000
- Loan amount at your goal
- $332,500
Savings, gift funds and assistance combined
What happens if you change this
You need roughly $28,000 in total cash and are $16,000 short, about 22 months at $750 a month. Moving the goal to 3% down would cut the wait to roughly 12 months, at the cost of monthly mortgage insurance until you reach about 20% equity.
Ready for real numbers?
Estimates get you oriented. A pre-approval gets you an offer sellers take seriously.
Related calculators
- Cash to Close CalculatorThe single number that matters most at the start: how much you actually need in the bank.
- Home Affordability CalculatorWork backwards from your income and comfortable payment to the price range that actually fits.
- PMI CalculatorSee what private mortgage insurance costs you, and exactly when you can get rid of it.
- Closing Cost EstimatorEstimate lender fees, title, transfer tax and prepaid escrows — the costs that surprise buyers most.
Questions people ask
- Do I need 20% down to buy in Pennsylvania?
- No. Conventional financing starts at 3% down, FHA at 3.5%, and VA and USDA loans can be structured with nothing down. Twenty percent removes monthly mortgage insurance, but waiting years to reach it often costs more in rent and appreciation than the insurance would have.
- Can my down payment be a gift?
- Yes, on most programs. The funds need a signed gift letter, a clear paper trail from the donor's account, and the donor generally has to be family or another approved relationship.
Estimates for education only — not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2297 · Equal Housing Opportunity.
In plain English
It turns your savings habit into a date on the calendar.
When to use it
- You are twelve to thirty-six months from buying
- You are deciding whether to wait for a larger down payment
- A family member has offered help and you want to see the effect
Common mistakes
- Saving only for the down payment
- Closing costs, inspections and moving expenses are separate. Budget them alongside.
- Waiting for twenty percent
- Rent and appreciation during the wait often cost more than the mortgage insurance you were avoiding.
- Moving money right before applying
- Large unsourced deposits create underwriting delays. Keep funds seasoned and documented.