Free tool
Down payment savings plan
How many months until you have the down payment and closing costs with what you save each month, and what changes if you get assistance or switch loans.
Free, no sign-up. What you type stays on your phone.
- Connected to 3,222 counties and 33,486 ZIP codes
- Rules verified as of January 1, 2024.
- Public data from the Census Bureau and HUD
Move the numbers and the result changes right away. We start with the typical numbers for the United States; change any of them to yours.
Calculating with the numbers for:
Your numbers
We start with the typical home value in the United States ($332,700). Enter the price you are looking at.
Adjust advanced details
The minimum for this loan is 3.5%. A larger down payment lowers the monthly payment but takes longer to save.
As a share of the price. It is an example; your lender's Loan Estimate has the real figure.
Annual interest of the account where you keep the money. Leave it at zero if you do not know.
Let's do the math
Time to reach your goal
Enter how much you can save each month.
Your goal
- Down payment (3.5% of the price)
- $11,645
- Closing costs (3% of the price)
- $9,981
- Savings target
- $21,626
- You already have
- $0
- Still missing
- $21,626
What helps
- Set up an automatic transfer on payday into a separate account you do not use for spending.
- Ask about your state's and city's assistance programs before setting the goal: many cover part of the down payment or closing costs.
- If family gives you part of it, the lender usually asks for a gift letter and the transfer record; ask beforehand how they want it.
- Revisit the goal whenever the price you are looking at, the loan type or what you can save changes.
An educational estimate, not a loan offer. Closing costs are an example (3% of the price); the real figure comes in the Loan Estimate. We do not count the reserves some lenders require after closing.
Show contents
How is it calculated?
The same formulas lenders use, with the rules each program publishes. Nothing is hidden.
The formula
Goal = down payment + closing costs (3% of the price) − assistance. Months = how long your monthly savings, plus their yield, take to reach the goal.
Example with the numbers for the United States
- Home price
- $332,700
- Down payment
- $11,645
- Closing costs (example)
- $9,981
- Savings goal
- $21,626
- Monthly savings (example)
- $100
- Months to get there
- 217
Computed from the page's data when it was built; in the tool you replace every number with your own.
What moves the result?
Six things that change the number more than anything else.
-
The price
Every dollar of price is a dollar more of loan. It is the first thing that moves the payment.
-
The down payment
More down, less loan and less mortgage insurance. The minimum depends on the program.
-
Closing costs
Charges, prepaids and escrow. The example uses 3% of the price until your estimate arrives.
-
Your savings
Down payment, closing costs and a reserve. Down-payment assistance counts.
-
The program
Each program publishes its own rules. What the source says is what we show.
-
Time
How many months it takes depends on how much you set aside each month. The tool gives you the estimated date.
The official numbers behind the tool
Official data the tool uses, so you can compare.
Homes and incomes in the most populous counties of the United States
| Place | Typical value | Typical household income | Value ÷ income |
|---|---|---|---|
| Los Angeles County (CA) | $834,200 | $90,112 | 9.3× |
| Cook County (IL) | $324,500 | $83,498 | 3.9× |
| Harris County (TX) | $276,600 | $74,983 | 3.7× |
| Maricopa County (AZ) | $452,800 | $89,300 | 5.1× |
| San Diego County (CA) | $854,700 | $106,268 | 8.0× |
| Orange County (CA) | $962,600 | $116,289 | 8.3× |
| Miami-Dade County (FL) | $463,000 | $71,753 | 6.5× |
| Kings County (NY) | $905,000 | $80,263 | 11.3× |
- Los Angeles County (CA) $834,200$90,112
- Cook County (IL) $324,500$83,498
- Harris County (TX) $276,600$74,983
- Maricopa County (AZ) $452,800$89,300
- San Diego County (CA) $854,700$106,268
- Orange County (CA) $962,600$116,289
- Miami-Dade County (FL) $463,000$71,753
- Kings County (NY) $905,000$80,263
Source: American Community Survey (Average 2020–2024)
Loan limits in the most populous counties of the United States
| Place | FHA limit (1 unit) | Conforming limit | Typical value |
|---|---|---|---|
| Los Angeles County (CA) | $1,249,125 | $1,249,125 | $834,200 |
| Cook County (IL) | $541,287 | $832,750 | $324,500 |
| Harris County (TX) | $541,287 | $832,750 | $276,600 |
| Maricopa County (AZ) | $557,750 | $832,750 | $452,800 |
| San Diego County (CA) | $1,104,000 | $1,104,000 | $854,700 |
| Orange County (CA) | $1,249,125 | $1,249,125 | $962,600 |
| Miami-Dade County (FL) | $667,000 | $832,750 | $463,000 |
| Kings County (NY) | $1,249,125 | $1,209,750 | $905,000 |
- Los Angeles County (CA) $1,249,125$1,249,125
- Cook County (IL) $541,287$832,750
- Harris County (TX) $541,287$832,750
- Maricopa County (AZ) $557,750$832,750
- San Diego County (CA) $1,104,000$1,104,000
- Orange County (CA) $1,249,125$1,249,125
- Miami-Dade County (FL) $667,000$832,750
- Kings County (NY) $1,249,125$1,209,750
Source: FHA mortgage limits (2026 data) · Conforming loan limits (2026 data) · American Community Survey (Average 2020–2024)
— means the source publishes no value.
Want your county's numbers?
Type your county or ZIP code: the tool loads its numbers and keeps them in your browser for the other tools.
Frequently asked questions
How much do I need for the down payment?
It depends on the loan: 3.5% of the price with FHA, 3% with some conventional loans, zero with VA or USDA if you qualify; ITIN loans usually ask for more. Add closing costs on top. The down payment guide explains it with its sources.
Does my family's gift count?
Yes, as expected assistance. Lenders usually ask for a gift letter saying it does not have to be repaid and for the transfer record. Ask your lender how they want it before moving the money.
What about down payment assistance programs?
Many states and cities offer loans or grants for the down payment with income and price rules. Check your state's on the programs page and enter the amount here as expected assistance.
Does this guarantee approval?
No. It is a savings plan with your numbers. A lender also reviews your credit, income and debts.
Methodology and sources (the Census Bureau and HUD)
- The goal: the down payment (the share of the price you choose; the minimum depends on the loan: 3.5% with FHA, 3% with a conventional loan, zero with VA or USDA if you qualify) plus closing costs (example: 3% of the price, editable).
- Expected assistance: a down payment assistance (DPA) program or a family gift is subtracted from the goal, because it arrives on closing day. It earns nothing while you save.
- Month by month: to what you already have we add what you save each month and the account's yield (the annual rate divided by twelve, applied every month). The first month the balance reaches the goal is your date.
- Milestones and comparisons: we mark when you reach a quarter, half and three quarters of the goal, and recalculate with $100 more a month, with $10,000 of assistance, with your loan's minimum down payment and with a home 10% cheaper.
Data
- American Community Survey (Average 2020–2024)
- FHA mortgage limits (2026 data)
Program rules
- HUD Handbook 4000.1 (Update 18), II.A.2.a.iv — Minimum Required Investment · In effect since September 14, 2016
- Fannie Mae Selling Guide B5-6-01 — HomeReady Mortgage Loan and Borrower Eligibility · In effect since January 1, 2024
- VA: Purchase loan — benefits · In effect since January 1, 2020
- 7 CFR §3555.103 — Maximum loan amount (Guaranteed Rural Housing Program) · In effect since December 9, 2013
What comes next?
Go on to the tool that answers your next question, or read a guide at your own pace.
Want someone to go over it with you? A HUD-approved counselor does it for free or at low cost. Find a counselor
Next step
Mortgage calculator
Your monthly payment with taxes and insurance.
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Guides to read next
- How much do you need for a down payment? 20% is not required: what each loan asks for (FHA, conventional, VA, USDA), what changes with less than 20% down, and where the money can come from.
- How to buy a home in the United States, step by step The nine steps to buying a home: paperwork, credit, budget, assistance, preapproval, offer, inspection, closing and the first year, with official sources.
- Bidding wars: appraisal gaps and escalation clauses What it costs to offer more than the appraisal, how an escalation clause works and what you risk if you waive the inspection or appraisal to win.
- Cash and your mortgage: how to use cash savings If you save or get paid in cash: why the lender asks where your money came from, what a large deposit is and how to move your cash into the bank.