3% Down Payment on a $200,000 Home — How Long to Save?
A 3% down payment on a $200,000 home is $6,000; this calculator shows first-time buyers how quickly they can reach that goal.
How to use this tool
- Enter the price of the home you are targeting.
- Set the down payment percent (20% is common to avoid PMI).
- Enter what you have already saved toward the down payment.
- Enter how much you will save each month.
- Read the down payment needed and the time to reach it.
First-time buyers can qualify for programs requiring just 3% down on a $200,000 home — that's $6,000, and this calculator shows your path there.
Frequently asked questions
- How much down payment do I need?
- It depends on the loan, but 20% of the price is a common target because it usually avoids private mortgage insurance. Many programs allow 3%–10%, which lowers the upfront cash but may add PMI.
- How long will it take to save?
- Subtract what you've saved from the down payment needed, then divide by your monthly savings. The calculator shows this in months and years assuming steady contributions.
- Does this include closing costs?
- No. The figure is the down payment only. Budget separately for closing costs, moving expenses and a maintenance reserve, which together often add several percent of the price.
- Should I assume investment growth?
- This uses a conservative straight-line plan with no return. Keeping the money in a high-yield savings account earns some interest, which would let you reach the goal slightly sooner.