House Deposit Savings Calculator

How to use our house deposit calculator

1. Set your goal

Enter the amount of money you’d like to save towards your house deposit. Deposits are normally between 5% and 20% of the total house price. Putting down a larger deposit can be more economical, as your mortgage rate will be lower, but a smaller deposit, along with a buying scheme may get you on the ladder quicker.

2. Tell us how much you can save towards your new home

Enter the amount of money you can comfortably save each month. To work this out you need to consider any outgoings you are currently paying. This could include set things like rent and bills, as well as outgoings that can vary such as food shopping. You should select an amount to save that still leaves you with a buffer for unexpected monthly costs, so your saving amount stays protected.

3. Let us know how much you have saved already

You may have already made a start with saving. If so, that’s great. Enter the amount of money you already have saved so that we can consider that in the calculations. Whether that’s £100 or £10,000, it all counts.

4. Select your gross annual interest

If you’ve already set up a savings account ready for your house deposit, enter the estimated annual interest rate. This will allow us to calculate the amount of interest you will make on your savings for the time it takes to save.

5. Done!

That’s all the info, now to the side of the calculator, you will be able to see the date when you will have your deposit and how long away that is. We provide tips on how much sooner you can reach that goal if you have the flexibility to up the amount you’re saving each month. Use the calculator as much as you would like to find your perfect saving plan.