How to Use the Home Payment Schedule Calculator
Enter your contract date, closing date, purchase price, down payment percentage, and earnest money percentage. The calculator breaks down your full payment plan: the initial earnest money deposit, the down payment due at closing, and the mortgage loan amount needed.
US Home Purchase Payment Overview
- Earnest Money: 1–3% of purchase price, due within days of offer acceptance. Credited toward down payment at closing.
- Down Payment: Typically 3–20%+ of purchase price, due at closing. Higher down payment reduces your mortgage.
- Closing Costs: Additional 2–5% of purchase price for fees, taxes, and title insurance (not included in this calculator).
Frequently Asked Questions
What is earnest money?
Earnest money (good faith deposit) is typically 1–3% of the purchase price, paid shortly after the offer is accepted. It shows commitment and is credited toward the down payment at closing.
When is the final balance due?
The remaining balance is paid at closing, typically funded by your mortgage plus any additional cash. This is when ownership transfers to you.
How long does the home buying process take?
From offer acceptance to closing typically takes 30–60 days for financed purchases. Cash purchases can close in as little as 1–2 weeks.