Free calculator
Deposit savings calculator
Saving for your first home? Set your deposit goal and see exactly how long it’ll take at your current pace — then find out how much faster you’d get there by saving a little more each month.
Time to reach your goal
3 years 11 months
- You'll contribute
- £23,500
- Interest earned
- £2,026
- Final balance
- £30,526
Estimate assumes a steady monthly saving and interest compounded monthly at the rate shown. Real savings rates and tax (outside an ISA) will vary.
How much deposit do you actually need?
The smallest deposit most lenders accept is 5% of the price, but the sweet spot is 10% or more. Crossing key thresholds — 10%, 15%, 20% — typically drops you into a lower loan-to-value band with cheaper interest rates, so every extra few thousand can be worth more than it looks.
Where to keep your deposit
If you’re a first-time buyer, a Lifetime ISA is hard to beat: the government adds 25% on up to £4,000 a year when you put it towards a first home. Beyond that, compare easy-access and regular-saver accounts for the best rate, and keep the money somewhere you won’t be tempted to dip into it.
Saving faster
Small, consistent increases compound. Raising your monthly saving by even £100 can pull your target forward by months — try it in the calculator. Automating the transfer on payday, and reviewing your savings rate once a year, are the two habits that make the biggest difference.
Frequently asked questions
How much deposit do I need to buy a house?
The minimum is usually 5% of the property price, but 10% or more is far more common and opens up better interest rates. On a £250,000 home, that’s £12,500 at 5% or £25,000 at 10%. A bigger deposit means a smaller mortgage and lower monthly payments.
Where should I keep my deposit savings?
For first-time buyers, a Lifetime ISA adds a 25% government bonus on up to £4,000 saved each year (so up to £1,000 a year) when used towards a first home. Easy-access savings accounts and regular saver accounts are also worth comparing for the best rate.
How long does it take to save a house deposit?
It depends entirely on your goal, what you’ve already saved, and how much you put away each month. Enter your numbers in the calculator above to see a realistic timeline — and try nudging the monthly figure up to see how much sooner you’d get there.
Does the calculator account for tax on interest?
No — it shows interest gross. Outside an ISA, savings interest above your Personal Savings Allowance can be taxable, so your real-world return may be slightly lower. Saving within an ISA keeps the interest tax-free.
Closing in on your deposit?
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