Mortgage Calculators
Down Payment Calculator
Work out the deposit required at a given percentage, what it leaves you to borrow, and how long it takes to save the difference.
Deposit required
$70,000
- Amount to borrow
- $280,000
- Still to save
- $45,000
- Time to reach it
- 38 months
- Saved
- Still needed
How this calculator works
Deposit = price × percentage; Months = shortfall ÷ monthly saving
- shortfall
- the deposit required minus what you have already saved
Example calculation
Illustrative example — not advice
Worked example — the down payment calculator as it loads, using the default figures below.
- 01Enter home price: $350,000.
- 02Enter deposit percentage: 20%.
- 03Enter already saved: $25,000.
- 04Enter monthly saving: $1,200.
- 05Read the deposit required from the results panel: $70,000.
Deposit required: $70,000. Amount to borrow: $280,000. Still to save: $45,000. Time to reach it: 38 months.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Closing costs sit on top of the deposit and are often 2–5% of the price.
- A 20% deposit typically removes private mortgage insurance on conventional loans.
Related calculators
- Mortgage Affordability CalculatorHow much house your income and debts realistically support.
- Closing Cost CalculatorTotal cash needed to close, deposit included.
- Loan-to-Value CalculatorLTV ratio, equity and the gap to the next rate band.
- Savings Goal CalculatorMonthly saving needed to hit a target.
- Mortgage CalculatorEstimate your total monthly mortgage payment and see the amortisation schedule.
- Mortgage Payment CalculatorPrincipal and interest payment on any home loan amount.
Terms used here
Frequently asked questions
Is 20% required?
No. Many programmes accept 3–5%, but a smaller deposit usually means mortgage insurance and a higher rate.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01