What does this calculator do?
Saving only the down payment can leave a buyer short of cash at closing. This tool combines the down payment, a buying-cost allowance, and a cash reserve into one target. It subtracts dedicated savings and divides the gap by your monthly contribution. Contributions are assumed to arrive at month end, with no interest or changes in the target home price.
How to use it
- Choose a price range and a down payment target consistent with the loan you are considering.
- Add a buying-cost allowance and cash you want to retain after closing.
- Enter savings available specifically for this purchase and a sustainable monthly contribution.
The math, made clear
Months = ceiling(max(0, price × (down payment % + buying cost %) + reserve − savings) ÷ monthly contribution)A worked example
A $350,000 target, 20% down, 3% buying costs, and a $10,000 reserve require $90,500. With $30,000 saved and $1,000 monthly contributions, the remaining $60,500 takes 61 full monthly contributions.
What to keep in mind
This is a savings timeline, not a statement of loan eligibility or required down payment. It assumes no investment return, price inflation, changing income, withdrawals, or assistance programs. Revisit your price and closing-cost inputs as your search develops.
All default values are illustrative. Results are rounded for display; calculations use full precision except where a split must allocate exact cents. Read our methodology for shared definitions and report a calculation issue if a result looks wrong.