A concrete plan to build your down payment faster. Learn where to stash the cash, how much you need, and programs that can help.
For most people, the down payment is the hardest part of buying a home. But with a clear plan, discipline, and the right tools, you can reach your goal faster than you think. This guide walks you through the entire process.
How much do you need? For a $300,000 home, 3–20% down is $9,000–$60,000. Research loan types: conventional (3%+), FHA (3.5%), VA/USDA (0%).
Open a high‑yield savings account (HYSA) separate from your everyday checking. This reduces temptation and earns some interest.
Set up automatic transfers on payday – even $100 a week adds up. Treat it like a non‑negotiable bill.
Side hustles, tax refunds, bonuses, and gifts from family can accelerate your timeline.
High‑yield savings account (HYSA): FDIC insured, liquid, currently 4–5% APY. Ideal for short‑term goals (1–5 years).
Money market account: Similar to HYSA, sometimes with check writing.
Certificates of deposit (CDs): Higher rates but lock your money for a term. Use a CD ladder if you have a fixed timeline.
Avoid stocks: Market volatility could shrink your savings right when you need them.
Pro Tip: If you're more than 5 years away, a conservative balanced fund might be considered, but most experts recommend cash for down payments.
See how long it will take to reach your goal based on your savings rate.
Adjust the values and click the button.
This calculator assumes you earn the annual return on your entire balance, compounded monthly. It does not account for taxes. Actual results may vary.
Check with a local lender or housing authority to see what's available in your area.