Purchasing a home is one of the most important decisions you'll ever make. This calculator will help you create a savings plan towards your home purchase down payment. Simply use your purchase price to calculate how much you need to save each month. Fine-tune your plan by adjusting any of the inputs including purchase price and the number of years you wish to save. Click here to estimate how much home you can afford.
Home Buyer Savings Calculator
Home Buyer Savings Calculator Definitions
- Purchase price of home
- The total cost of the home you would like to purchase. Please keep in mind that the cost of buying a house is more than just the price of the house; there are fees associated with your mortgage which you will be provided once you are ready to buy. For budgeting purposes, you should assume total fees equal approximately 1% of your loan.
- Estimated Down payment
- Typically down payments range from 5-20% of the purchase price.
- Amount currently saved
- Total you currently have saved for your new home.
- Years to save
- The number of years you wish to save.
- Estimated Interest Rate on your savings account
- This is the interest rate you are currently earning on your savings account. For the purposes of this calculator, taxation is not factored into the results.