Your Home Fund
Your Savings Projection
High-yield savings accounts help your down payment grow
High-yield savings accounts (4-5% APY) help your down payment fund grow faster while you save. Compare top-rated accounts and mortgage options.
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How Much Down Payment Do You Need?
Your down payment is the biggest hurdle to homeownership — but it doesn't have to be 20%. Here's what different down payment amounts look like on a $400,000 home:
| Down Payment % | Amount | Monthly Payment* | PMI? |
|---|---|---|---|
| 3% (FHA) | $12,000 | ~$2,850 | Yes (MIP) |
| 5% (Conventional) | $20,000 | ~$2,750 | Yes |
| 10% | $40,000 | ~$2,600 | Yes |
| 15% | $60,000 | ~$2,450 | Yes |
| 20% (Sweet spot) | $80,000 | ~$2,300 | No PMI |
* Estimated monthly payment includes principal, interest, taxes, and insurance at 6.5% APR (2026 rates).
Our calculator defaults to $80,000 — a 20% down payment on a $400,000 home. This avoids PMI and gives you the best monthly payment. Adjust based on your target home price!
Source: Freddie Mac, NerdWallet. Rates as of June 2026.
5 Tips to Save for Your Down Payment Faster
- Open a high-yield savings account — Earn 4-5% APY instead of near-zero interest at a traditional bank. That's free money on your home fund.
- Automate your savings — Set up an automatic transfer on payday. You can't spend what you don't see, and consistency builds momentum.
- Cut housing costs temporarily — Consider moving in with family or getting a roommate for 12-24 months. The sacrifice is temporary, homeownership is forever.
- Redirect subscription savings — The average American wastes $21/month on unused subscriptions. Cancel them and redirect every dollar to your down payment.
- Increase your income — A side hustle, overtime, or freelancing for just $500/month adds $6,000/year to your down payment fund.
Use the "What If" slider above to see how increasing your monthly savings by even $200-500 can accelerate your timeline!