I wrote yesterday about qualifying for a mortgage. The newspapers proclaim that “credit is frozen.” It is ironic then that lenders are feeling the heat. They were burned by a few years of loose lending.

Consequently, changes occurring in the mortgage lending industry will probably bring a return to more conservative lending practices. One of the former standard requirements in mortgage lending was a down payment.

Just a decade ago, it was common for lenders to require a 20% down payment for conventional, fixed rate mortgages. I expect down payments will become a standard requirement again. And the concept is simple.

Instead of lenders making loans that instantly put a borrower upside down in their mortgage, a down payment forces borrowers to have an instant 20% stake in their new home. From the lender’s perspective, this makes it less likely a home buyer will walk away from their mortgage.

If down payment requirements will be returning to mortgage lending, how does one determine how long it will take to accumulate enough of a down payment to purchase a home?

Real Estate Calculator Suite includes two Down Payment Savings Calculators. These two down payment savings calculators will help you determine how much you will be able to save during a period of time and how much time it will take you to save a desired amount.

To determine how much you save during a particular period of time, choose the “How Much Can I Save?” calculator. First, enter your current savings balance and the amount you will save each month. Then, enter the interest rate you’ll earn and the number of months you will save. The calculation results are displayed automatically.

Download Real Estate Calculator Suite and use it ten times for free to see if it works for you. If you like it, buy it for $39.95.