Savings Calculator
How Much Do I Need to Save?
The down payment is only part of the cash you need. There are also closing fees (paid to lawyers, inspectors, and the bank) and you’ll want money left over for emergencies. This tool adds it all up.
What you’ll need: A target home price and your state (for tax rates).
What you’ll get: A side-by-side comparison of 3 loan options (FHA 3.5% down, Conventional 10%, and Conventional 20%) showing exactly how much cash each one requires.
FHA vs Conventional: FHA loans let you buy with less money upfront but charge an extra monthly fee that never goes away. Conventional loans need more upfront but the fee eventually stops. This tool shows both so you can compare.
| FHA 3.5% Down Gov-backed, low down payment | 10% Down MOST COMMON Balance of low cost & good rates | 20% Down No mortgage insurance needed | |
|---|---|---|---|
| Down Payment FHA minimum 3.5% (HUD 4000.1) · Conventional typical 10% and 20% | $42,000 | $120,000 | $240,000 |
| Closing Costs (3%) 3% of home price · ClosingCorp national median | $36,000 | $36,000 | $36,000 |
| Emergency Buffer $12,000 fixed · ~3 months of typical homeowner expenses | $12,000 | $12,000 | $12,000 |
| Total Cash Needed | $90,000 | $168,000 | $288,000 |
| FHA One-Time Fee Added to your loan balance, not paid upfront out of pocket 1.75% of base loan · rolled into loan balance, not cash at closing | $20,265 | — | — |
| MONTHLY COSTS | |||
| Mortgage Payment | $7,642 | $7,005 | $6,227 |
| Mortgage Insurance Required when putting less than 20% down FHA: 0.55% annual MIP (HUD ML 2023-05, life of loan) · Conv: 0.55% PMI (cancels at 78% LTV per HPA 1998) | $531 | $495 | $0 |
| Property Tax (NY 1.72%) NY rate annually | $1,720 | $1,720 | $1,720 |
| Insurance (est.) | $350 | $350 | $350 |
| Total Monthly Payment Mortgage + insurance + tax + mortgage insurance | $10,243 | $9,570 | $8,297 |
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These estimates use standard assumptions and do not account for all costs. Consult a mortgage lender for personalized figures.