Save for a House Down Payment
Calculate how much to save each month to build your house down payment fund. Plan a $60,000 down payment with a realistic timeline and return rate.
A 20% down payment on a $300,000 home means saving $60,000 -- a goal that feels daunting but becomes manageable with a clear monthly target and consistent deposits into a high-yield savings account. Most first-time buyers spend 3 to 5 years building their down payment fund, often starting with as little as a few thousand dollars. Starting with $5,000 already saved gives you momentum and reduces the monthly contribution needed to hit your target within four years.
How much do you want to save?
What you've already saved toward this goal
When do you want to reach your goal?
Interest or investment return rate
Save Per Month
$1,017
Save Per Week
$235
Save Per Day
$33
Interest will contribute $6,203 toward your goal — that's money earned without any extra effort on your part.
Key Considerations
- At a 5% annual return, saving roughly $1,060 per month over 4 years turns your $5,000 starting balance into the full $60,000 down payment -- about $5,900 of that comes from earned interest.
- High-yield savings accounts currently offer 4.5% to 5.0% APY with FDIC insurance -- a reliable home for down payment funds since you cannot afford market volatility on money you need within 5 years.
- Many state housing agencies offer down payment assistance programs that match your savings dollar-for-dollar up to $5,000-$10,000, effectively cutting months off your timeline.
- If you are stretching to reach 20% down, remember that putting just 10% down ($30,000) is also viable -- you will pay PMI of $100-$200 per month, but you can start building equity years earlier.
- Automate your savings with a separate account dedicated solely to the down payment -- treating it like a non-negotiable bill prevents the fund from being raided for other expenses.
See also: