Down Payment Savings Goal
How much do you need to save each month?
Save this much each month
$1,655
Save $1,655/month for 3 years at 4% APY (plus your existing $15,000) and you’ll hit $80,000.
Save monthly
$1,655
for 36 months
Already saved (FV)
$16,873
$15,000 grown at 4%
Total contributed
$59,583
principal you put in
Interest earned
$5,417
at 4% APY
Final balance
$80,000
at year 3
Balance trajectory
Where to keep down-payment money: high-yield savings (Marcus, Ally, Wealthfront cash) is the standard; yields are variable, so check today’s rate. CDs lock the rate in but trap funds until maturity. Treasury bills (TreasuryDirect) pay similar yields and are exempt from state income tax; set them to reinvest automatically or roll them yourself. Stocks: only if your timeline is 5+ years. Otherwise you risk being a forced seller in a down market right when you need the cash.