Down Payment Calculator
Plan down payment, closing costs, cash gap, loan-to-value and months to savings goal for a home purchase.
- Combines down payment and closing-cost target
- Credits earnest money already paid
- Estimates months to close the remaining savings gap
Calculator workspace
Change any assumption and recalculate. Your entries stay in this browser unless you choose to share or copy a result.
What this Down Payment Calculator calculates
A down payment is only one part of the cash needed to complete a property purchase. This calculator combines the selected down-payment percentage with an estimated closing-cost percentage, then compares that target with cash already available and earnest money already paid. If there is still a gap, it converts the gap into an estimated number of months using the monthly savings amount.
The result is intentionally more than a single number. Supporting figures are shown beside the headline answer so you can see which part of the calculation is driving the outcome. This makes the tool useful for scenario testing: change one assumption, calculate again, and compare the supporting values rather than relying on a black-box result.
Formula and calculation method
Total cash target = purchase price × down-payment % + purchase price × closing-cost %, minus cash and earnest money already available.
Inputs are validated before calculation and the arithmetic runs locally in the browser. Monetary fields use the selected currency only for display formatting. The calculator does not retrieve bank, payroll, property, medical, market or exchange-rate data from an external service.
How to use it
- Enter values that describe the same scenario and reporting period.
- Keep percentages and units consistent with the labels shown beside each input.
- Select Calculate and review both the headline result and the supporting metrics.
- Change one assumption at a time to understand sensitivity instead of accepting a single scenario.
- Use Copy Result, Share Result or Save Result Image when you need to keep a record of the calculation.
Worked example
For a 400,000 target home, a 20% down payment is 80,000. If estimated closing costs are 3%, another 12,000 may be required. Enter 65,000 cash available, 5,000 earnest money already paid, and 2,500 monthly savings to see the remaining cash target and approximate time to reach it.
How to interpret the result
The loan-to-value shown after the selected down payment is a useful financing reference, but it is not the only qualification factor. Keep enough liquidity for moving costs, repairs, reserves, inspection, appraisal, prepaid taxes and insurance, and any lender-required cash reserves. A technically possible down payment is not always the best use of all available cash.
For an important decision, compare the output with original documents, lender or employer terms, supplier information, professional guidance, or other authoritative records relevant to the calculation. Small differences in rates, timing, fees and definitions can materially change a result even when the formula itself is correct.
Important assumptions and limitations
Closing costs vary substantially by location, loan type and transaction. Earnest money is treated as a credit toward cash needed at closing. The model does not include seller credits, lender credits, mortgage-insurance rules, appraisal gaps, reserves, renovation budgets, or changes in the target property price while saving.
This calculator is for planning, checking, education and general informational use. It is designed to make assumptions visible and calculations reproducible, but it does not replace a contract, disclosure, professional opinion, medical assessment, accounting policy or lending decision.
Frequently asked questions
Does earnest money reduce the down payment?
It normally becomes part of the cash applied at closing, so the calculator treats entered earnest money as already funded toward the total cash target.
What if closing costs are paid by the seller?
Reduce the closing-cost percentage or adjust the cash target to reflect the credit you reasonably expect.
Why show LTV?
Loan-to-value is the mortgage amount divided by the purchase price and is commonly used in mortgage pricing and insurance rules.