How much down payment do I really need?

You do not need 20 percent. FHA loans require 3.5 percent. MassHousing ONE Mortgage requires 3 percent with no PMI. NHHFA Home Preferred and Maine's First Home Loan both go to 3 to 3.5 percent. The 20 percent number is what eliminates PMI on a conventional loan, but plenty of other paths work.

How long does it take to save 5 percent down on a $450,000 home?

5 percent on a $450,000 home is $22,500. Saving $800 per month from $0 takes about 28 months (2 years 4 months). With $5,000 already saved, the same monthly rate gets there in about 22 months. The calculator on this page runs the math for your exact numbers.

Can MassHousing down payment assistance shorten my timeline?

Yes, substantially. MassHousing DPA can provide up to $25,000 toward your down payment. On a $450,000 home, that covers more than the full 5 percent down requirement. Eligible buyers can often buy in the same year they meet credit and DTI requirements, instead of waiting years to save.

What if I cannot save anything per month?

You will not get there without a different plan. Options include a gift from family (allowed under most programs with documentation), down payment assistance programs, or a lower target home price. Talk to GoldCoast about which path makes sense.

Down Payment Timeline Calculator

When can you actually buy? A down-payment timeline.

Most first-time buyers stall on the down payment. This calculator shows how long it takes to reach 3.5%, 5%, 10%, and 20% down on your target home, given what you have saved now and what you can save per month. It also flags whether MA/NH/ME first-time-buyer programs change the answer.

Target home price

Current savings

How much you have set aside for the down payment right now.

Monthly savings rate

How much you can add to the down payment fund each month.

Time to your target down payment

Talk to GoldCoast about your home ownership plan

Timeline above assumes simple saving (no investment returns). Down-payment-assistance programs in MA (MassHousing DPA up to $25K), NH (NHHFA Home Flex Plus 4%), and Maine (MaineHousing Advantage $5-10K) can shorten this dramatically. Talk to GoldCoast for a plan that uses them.

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The down payment is the biggest blocker, but it does not have to be 20 percent

Most first-time buyers think they need 20 percent down. They do not. The 20 percent number is what eliminates PMI on a conventional loan, but plenty of programs go lower. FHA goes to 3.5 percent. MassHousing ONE Mortgage goes to 3 percent (with no PMI). NHHFA Home Preferred goes to 3 percent. Maine’s First Home Loan goes to 3.5 percent. The “I need 20 percent down” assumption costs buyers years of waiting.

How down-payment-assistance programs change the math

Each of the three states GoldCoast serves offers down-payment assistance programs that cover part of your down payment in cash. Massachusetts DPA covers up to $25,000. NHHFA Home Flex Plus covers up to 4 percent of the loan amount. Maine’s Advantage program covers $5,000 to $10,000 for eligible buyers. These programs often shorten the timeline by two to four years compared to saving the same amount yourself.

What this calculator does not include

The timeline above assumes simple savings, no investment returns, no DPA, and a flat target. Real buyers often save in a high-yield savings account (4 to 5 percent annual) or accelerate when bonuses hit. If you are eligible for a state DPA program, the timeline can drop dramatically. Talk to GoldCoast for a plan that uses every program you qualify for.

Related guides at GoldCoast

All mortgage calculators: the full suite of tools
Massachusetts mortgage calculators: MA-specific tools
New Hampshire mortgage calculators: NH-specific tools
Maine mortgage calculators: ME-specific tools
MassHousing eligibility calculator: check which programs cover part of your down payment
First step to buying a home: start your conversation with GoldCoast