Home Buyer Savings Calculator
Use this tool to help you calculate what it might take to save for your new house.
How the home buyer savings calculator works
It adds your target down payment and estimated closing costs into a single cash goal, then solves for the monthly amount needed to reach it by your move-in date, letting savings growth cover part of the total.
Worked example: with target home price of $350,000, down payment of 20.00% and closing costs (% of price) of 3.00%, the home buyer savings calculator shows monthly savings needed of $1,665.49.
- Down payment
- $70,000
- Closing costs
- $10,500
- Total cash goal
- $80,500
- Still to save
- $65,500
| Target home price | Monthly savings needed |
|---|---|
| $250,000 | $1,063.10 |
| $350,000 | $1,665.49 |
| $500,000 | $2,569.07 |
| $750,000 | $4,075.03 |
The formula
Goal = price × down% + price × closing%. Required monthly = (goal − saved × (1 + r)ⁿ) ÷ (((1 + r)ⁿ − 1) ÷ r).
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the home buyer savings calculator
How much do I need to buy a home?
Your down payment plus closing costs — typically 2–5% of the price on top of the down payment. The calculator totals both into one savings goal.
Do I need a 20% down payment?
No, but 20% avoids PMI and lowers your payment. Many loans allow far less down; set the percentage to match your loan plan.
Where should I keep a home down payment?
If you are buying within a few years, favour a high-yield savings account or short-term instrument over volatile investments, so a market dip does not delay your purchase.
Is the Home Buyer Savings Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.