Faro Labs / Tools / Down payment savings calculator
Down payment savings calculator
How many months until you can buy? Enter your target price, what you've saved, and what you can set aside each month to see your timeline, including the return your savings earn along the way.
You need $70,000 more. At $1,200/mo with a 4% return, you'll hit $85,000 in about 52 months.
How the timeline is projected
balance grows monthly = (balance × (1 + rate)) + contribution
This compounds your current savings plus each month's contribution at the return rate you enter, month by month, until the balance crosses your target: the same way a savings account or short-term investment actually grows. The monthly contribution moves the timeline far more than the return rate does; a modest return matters at the margins, but the habit of saving consistently is what gets you there.
Down payment questions
How long will it take to save for a down payment?
Divide what you still need by your monthly savings rate, adjusted for any return your savings earn along the way. A high-yield savings account or short-term investment return shortens the timeline modestly; the monthly contribution amount is what moves it the most.
Does a smaller down payment always mean I can buy sooner?
It gets you to closing faster, but a down payment under 20 percent on a conventional loan usually adds private mortgage insurance and can affect your rate, raising the monthly payment for as long as you hold the loan. Compare the time saved against that ongoing cost: the PMI calculator quantifies it.
Where should down payment savings sit?
Money you'll need within a few years is generally kept somewhere principal-safe, a high-yield savings account or short-term instrument, rather than in the market, since a downturn right before you need the cash can set your timeline back by years, not months.
Every calculator
Saving to buy your first rental?
When you're ready, paste a listing and Faro tells you what to offer: from real comps, not a guess.
Estimates for analysis and educational use only: not financial, investment, tax, or legal advice. Verify every number independently before making a purchase decision.