Savings Calculators

Home Buyer Savings Calculator

Use this tool to help you calculate what it might take to save for your new house.

Inputs

Target home price

Down payment

Closing costs (% of price)

Already saved

Years until purchase

Savings return (APY)

Estimates only. Adjust any value to recalculate instantly.

Results

Monthly savings needed $1,665.49 to reach $80,500 in 3 years

Down payment $70,000

Closing costs $10,500

Total cash goal $80,500

Still to save $65,500

Funding your home purchase

Already saved $15k
Contributions $60k
Growth $5.5k

Cash toward home Balance

A 20% down payment avoids PMI, but many buyers put down less. Remember closing costs — typically 3% of the price — on top of the down payment.

Year-by-year growthView table

Year	Contributions	Interest	Balance
1	$19,986	$982	$35,967
2	$19,986	$1,836	$57,789
3	$19,986	$2,725	$80,500

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

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

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.

Frequently asked

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.

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