It quickly calculates how much a home buyer can save for a down payment and allows you to modify their beginning balance, their monthly savings amount, the savings interest rate and the amount of time they will be saving the down payment.

The amount of cash you pay toward the purchase of your home to make up the difference between the purchase price and your mortgage loan. Down payments often range between 5% and 20% of the sales price depending on many factors, including your loan, your lender, your credit history and so forth. [Source: free-mortgage-calculators.com]