How Long to Save a $20,000 Down Payment at $1,000/Month?
With $1,000 saved each month and a 3% interest rate, a $20,000 down payment is achievable in under 20 months.
How to use this tool
- Enter savings goal, current savings, monthly deposit and annual interest rate in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your months to reach goal and the full breakdown beneath it.
Find out your timeline for saving a $20,000 house down payment with $1,000 per month in deposits.
Frequently asked questions
- Does interest speed things up?
- Yes. With a positive rate your balance compounds while you save, so you reach the goal a little sooner than deposits alone would suggest.