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House Down Payment & Closing Savings Plan

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Plan the cash you need to buy a home: the down payment plus closing costs. Enter what you’ve saved and when you want to buy to see the monthly amount to set aside.

By the CalcKite team · Last reviewed 19 Oct 2026 · Formula · Cite · Embed

House Down Payment & Closing Savings Plan

Find out how much to save each month for a house down payment plus closing costs by your target date, with interest on your savings.

Goal = price × down payment % + price × closing cost % Current savings grow to = savings × (1 + r)^n, with r = yearly rate ÷ 12 Monthly saving = (goal − grown savings) × r ÷ ((1 + r)^n − 1) (or ÷ n at 0%)

Example: Check: a $30,000 goal in 30 months at 0%, starting from $0. Monthly saving: $30,000 ÷ 30: $1,000.

Understand the resultHow it works, worked example, formula and FAQ
Related calculatorsSavings Goal · Mortgage Closing Cost · Mortgage

How to use the House Down Payment & Closing Savings Plan

Enter the price of the home you’re aiming for, your down payment percentage and closing costs (2–5% of the price is typical). Add what you’ve already saved, how many months until you want to buy and the interest rate your savings account pays. The green box shows how much to save each month, and the table shows the amount for shorter or longer timelines.

Worked examples

Check: a $30,000 goal in 30 months at 0%, starting from $0

Monthly saving: $30,000 ÷ 30$1,000

$400,000 home, 20% down, 3% closing costs, $20,000 saved, 36 months at 4%

Down payment$80,000
Closing costs$12,000
Goal$92,000
Your $20,000 grows to$22,545
Save each month$1,819
Buy in 48 months instead$1,319 a month

Assumptions and limits

  • The home price, interest rate and closing costs stay the same while you save. In practice prices can rise, so add some extra.
  • Savings earn interest monthly at the rate you enter.
  • Mortgage programs with 3–5% down can lower the goal, but usually add PMI.

Formula

Goal = price × down payment % + price × closing cost % Current savings grow to = savings × (1 + r)^n, with r = yearly rate ÷ 12 Monthly saving = (goal − grown savings) × r ÷ ((1 + r)^n − 1) (or ÷ n at 0%)

Frequently asked questions

How much should I save for a down payment?

20% avoids PMI on a conventional loan, but many buyers put down 3–10%. Remember closing costs too, typically 2–5% of the price, plus a cash cushion for moving and repairs.

Where should I keep my down payment savings?

Somewhere safe and easy to reach, like a high-yield savings account or CDs timed for your purchase. Stocks can fall just before you need the money.

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CalcKite. (2026). House Down Payment & Closing Savings Plan [Online calculator]. https://www.calckite.com/down-payment-savings-calculator/

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