Your Down Payment Goal
Your Progress
What If You Saved More?
+$200/mo
+$500/mo
+$1,000/mo
Down Payment Comparison
| Down Payment | Amount | Loan | Monthly Payment | PMI/mo | Total Interest |
|---|
Savings Growth Trajectory
How to Use the Down Payment Tracker
Enter your target home price and select a down payment percentage (5%, 10%, 15%, or 20%). Then input your current savings and how much you can contribute each month. The tracker instantly shows your progress bar, estimated completion date, and milestone markers at 25%, 50%, 75%, and 100% of your goal.
The what-if scenarios show how increasing your monthly contribution by $200, $500, or $1,000 would accelerate your timeline. The comparison table breaks down how each down payment percentage affects your mortgage payment, PMI costs, and total interest paid over a 30-year loan.
Understanding Down Payment Percentages
- 5% Down: The minimum for conventional loans. You’ll pay PMI and have higher monthly payments, but you can buy sooner. Best if home prices are rising fast in your area.
- 10% Down: A middle ground that reduces PMI costs while keeping the savings timeline reasonable. Many first-time buyers aim for this target.
- 15% Down: Significantly lower PMI rates and monthly payments. A strong option if you can wait a bit longer to save.
- 20% Down: The gold standard — eliminates PMI entirely, gives you the lowest monthly payment, and provides immediate equity cushion.
What Is PMI and Why Does It Matter?
Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It’s required when your down payment is less than 20% on a conventional loan. PMI typically costs between 0.5% and 1.5% of the loan amount per year, added to your monthly mortgage payment.
On a $380,000 loan (5% down on a $400,000 home), PMI at 0.8% adds about $253/month to your payment. Over the years it takes to reach 20% equity, that can add up to thousands of dollars. The comparison table above shows the exact PMI cost for each down payment level.
Tips for Saving Your Down Payment Faster
- Use a high-yield savings account: Earn 4–5% APY on your down payment fund instead of the 0.01% most checking accounts offer.
- Automate your savings: Set up automatic transfers on payday so the money is saved before you can spend it.
- Save windfalls: Tax refunds, bonuses, and gifts can accelerate your timeline significantly. A $5,000 tax refund could cut months off your goal.
- Reduce expenses temporarily: Even small cuts add up. Reducing spending by $300/month saves an extra $3,600/year toward your down payment.
- Consider down payment assistance: Many states and municipalities offer grants or low-interest loans for first-time homebuyers.