If you’re planning to purchase a home in the near future, you need a sensible savings plan now. Use this calculator to determine how much you should save each month in order to meet your down payment target in a specified time period.
Create a Savings Plan For a Down Payment on Your Home
If you’re starting to save for a down payment on a new home, consider getting a money market account from Nationwide Bank®. You can enjoy the convenience of an online savings account combined with high interest rates.
If you don’t plan on purchasing a new home right away, investing in a certificate of deposit (CD) account may make sense. We offer competitive CD interest rates and flexible terms, from 3 months up to 5 years.
Purchase price of home – The total cost of the home you would like to purchase. Keep in mind that the true cost of buying a home also includes fees associated with your mortgage. Assume that total fees are approximately 1% of your loan.
Estimated down payment – The down payment you expect to pay. Generally, down payments range from 5-20% of the purchase price.
Amount currently saved – Total amount you currently have saved for your new home.
Years to save – The number of years you intend to save for your down payment.
Estimated interest rate on your savings account – The interest rate you are earning on your savings account.