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Home Buyer Savings Calculator

Purchasing a home is one of the most important decisions you'll ever make. This calculator will help you create a savings plan towards your home purchase down payment. Simply use your purchase price to calculate how much you need to save each month. Fine-tune your plan by adjusting any of the inputs including purchase price and the number of years you wish to save. Click here to estimate how much home you can afford.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Your Down Payment Savings Goal is $10,000
Please view the report to see detailed results in tabular form.

Definitions

Purchase price of home

The total cost of the home you would like to purchase. Please keep in mind that the cost of buying a house is more than just the price of the house; there are fees associated with your mortgage which you will be provided once you are ready to buy. For budgeting purposes, you should assume total fees equal approximately 1% of your loan.

Estimated Down payment

Typically down payments range from 5-20% of the purchase price.

Amount currently saved

Total you currently have saved for your new home.

Years to save

The number of years you wish to save.

Estimated Interest Rate on your savings account

This is the interest rate you are currently earning on your savings account. For the purposes of this calculator, taxation is not factored into the results.


Westmoreland Federal Savings
322 Main Street PO Box 677
Latrobe, PA

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.