Save for a home down payment
smartfin_calculate_down_paymentHow long savings take to reach a home down payment, from what is saved so far plus the same amount each month growing at a fixed yearly rate, and, with reach_within_months, the monthly amount that reaches it by then, the way SmartFin's down payment calculator does. Returns the down payment, the loan amount it leaves, the months to reach it (within 50 years), the modeled savings split into saved so far, deposits and growth, and the monthly amount (rounded up to a whole currency unit) that reaches it within the chosen time. Use when someone asks how long it takes to save for a down payment, how much a month reaches one by a date, or what a percentage down is on a price. Do not use for how much to put down (it does not say), mortgage approval, closing costs (not included) or the mortgage payment (use smartfin_calculate_loan_payment). The growth rate is held constant, deposits are made at the end of each month and the home price stays the same. Amounts can be in any one currency; none is converted.
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| currency | No | Currency for the amounts in the summary and the link. Default USD; amounts are never converted | |
| home_price | Yes | Price of the home. 1000 to 100000000 | |
| saved_so_far | No | Amount saved toward it today. Default 0. 0 to 100000000 | |
| growth_rate_pct | No | Yearly rate the savings grow at, with compounding included (a savings account's APY in the US, AER in the UK), held the same every year. Default 3, an example, not a current rate. 0 to 20 | |
| down_payment_pct | No | Down payment as % of the price. Give this or down_payment_amount. Default 20. 0 to 100 | |
| mortgage_rate_pct | No | Optional: the mortgage rate, % a year, with mortgage_term_years, to suggest the follow-up call for the payment on the loan amount | |
| saving_each_month | No | Amount added at the end of every month. Default 0. 0 to 10000000 | |
| down_payment_amount | No | Down payment as an amount instead of a %; at most the home price. Give this or down_payment_pct | |
| mortgage_term_years | No | Optional: the mortgage term in years, with mortgage_rate_pct | |
| reach_within_months | No | A time to reach it by, in months, for the monthly amount that does: 48 is 4 years. 0 or omitted for none. 0 to 600 |
Output Schema
| Name | Required | Description | Default |
|---|---|---|---|
| cite | Yes | How to credit this result | |
| data | Yes | ||
| next | Yes | Suggested follow-up calls | |
| links | Yes | ||
| how_to | Yes | Steps for the user to see or redo this on smartfin.fyi | |
| source | Yes | ||
| summary | Yes | Plain-language result the assistant can quote |