A worked example
Saving toward a $60,000 goal, starting with $10,000 already saved, contributing $800 a month into an account earning 4% annually, reaches the goal in about 4 years 7 months — having contributed $54,000 of that personally, with the rest from growth.
Frequently asked questions
How big should my down payment goal actually be?
20% of the home price avoids PMI, but plenty of loan programs accept far less. A reasonable approach is to set this calculator's goal to match the specific down payment percentage of the home price range you're targeting, then see what timeline that implies.
Where should I actually keep this money while saving?
For a goal inside the next few years, a high-yield savings account, money market account or short-term CD is generally safer than the stock market — you want this money to be there when you need it, not subject to a downturn right before closing.
What if I get a windfall, like a bonus or gift?
Add it directly to your current savings figure and re-run the calculator — a single lump sum added early shortens the timeline more than the same amount spread across future monthly contributions, since it starts earning returns immediately.
This calculator provides estimates for general informational purposes only and is not financial advice. Actual returns on savings vary and are not guaranteed.