How long until you’re ready to buy?
Set a target price and a monthly savings amount to see when you could reach your down payment and closing cost goal.
01Goal
02Savings
▦Goal at different down payments
| Down | Goal (incl. closing) | Time to save |
|---|---|---|
| 3% | $24,000 | 1 yr 2 mo |
| 3.5% | $26,000 | 1 yr 4 mo |
| 5% | $32,000 | 1 yr 9 mo |
| 10% | $52,000 | 3 yr 3 mo |
| 15% | $72,000 | 4 yr 7 mo |
| 20% | $92,000 | 5 yr 11 mo |
ƒHow this is calculated
- The balance grows each month at (1 + APY)^(1/12) − 1, plus your monthly deposit.
- Minimum down payments differ by loan type: some conventional loans allow 3%, FHA 3.5%, and VA and USDA 0%. Down payment assistance or seller credits can lower the cash you need.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org