The goal is the target price × your chosen down percentage, plus ~3% closing costs. Each month your balance grows at the assumed return and your contribution is added, until the goal is met.

What data does it use?

Standard compound-growth mathematics (public domain).

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Down Payment Planner: how it works

Projects how long your monthly savings take to reach your chosen down payment plus typical closing costs, growing at a modest assumed return — and how much further a PMI-free 20% down payment is.

Step by step

The goal is the target price × your chosen down percentage, plus ~3% closing costs.
Each month your balance grows at the assumed return and your contribution is added, until the goal is met.

Sources

Standard compound-growth mathematics (public domain).