How long will it take to save for a home?

Tell us the kind of home you're aiming for and what you can save. See how much you'll need, the date you could have enough, and how much to save each month to buy by your target date.

These numbers are estimates only and may not be accurate. They depend on your real interest rate, credit, income and the home's actual taxes and insurance. Contact us for accurate figures; it's free and there's no obligation. The starting interest rate (6.5%) is an example only, not a quote: your rate depends on your credit, loan type, down payment and the market, and can be higher or lower. Change it to see the difference.

The home you're aiming for

Home price ($)

Down payment (%) FHA 3.5%, some loans 0%

Closing costs (% of price)

Money to keep in reserve ($) for moving and emergencies

Home prices rise each year (%)

Down payment grant or help you expect ($) if you know of one

Your savings

Saved so far ($)

You can save each month ($)

Interest on your savings (% a year)

When would you like to buy?

You could have enough

—

Cash needed if you bought today
Still to save today
Cash needed by your target date
Save each month to get there

If you save a little more

Saving a month	Enough by

Estimates only. Contact us for accurate figures: free, no obligation.

Your full name

Mobile phone

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Common questions

How much do I need to save to buy a home?

Usually the down payment (from 0% to 20% depending on the loan) plus closing costs of roughly 2% to 5% of the price, and a little in reserve. Down payment grants and assistance can cover part of it for buyers who qualify.

Is this a rent-to-own plan?

No. It is a savings plan: it shows how much to put aside each month, and when you could have enough to buy. It does not involve a rent-to-own contract.

What if home prices keep rising?

The planner lets you add a yearly price increase, so the amount you need grows as you save. That is why starting sooner, or using a grant or a lower down payment loan, can make a big difference.

For education and planning only. Approximate estimates; not legal, tax or financial advice. Not a loan offer, approval or commitment to lend. Example rates are for illustration only; rates can change and may not be available at commitment or closing. Rates, terms, taxes, insurance and program rules vary and change; your actual numbers may differ. Mortgage services by Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.