MoneyQuilt

House deposit savings calculator

See how long your deposit really takes at today's savings rate — and what happens if you push the monthly amount up by twenty percent.

Deposit target

$32,000

$26,000 still to go

Time to target

3 yr 2 mo

On track for November 2029

Save 20% more per month → 2 yr 7 mo

Don't forget the costs beyond the deposit

Legal fees, surveys, moving and the first round of furniture routinely add several thousand. Run those as their own sinking fund so they do not eat into the deposit at the last minute.

Lenders also look at your monthly commitments and credit utilisation, not just the deposit. Keeping card balances low in the months before you apply matters as much as the savings balance.

How the house deposit calculator works

  1. 1

    Set the property price you are aiming at

    Use realistic sold prices in the area you actually want to buy in, not the asking price of the cheapest listing.

  2. 2

    Choose your deposit percentage

    A larger deposit usually unlocks better mortgage rates. Model a couple of percentages to see what the extra saving time buys you.

  3. 3

    Enter what you have saved so far

    Include any money already ring-fenced for the purchase, plus help you know is definitely coming.

  4. 4

    Add your monthly saving amount

    Use the amount you genuinely transfer each month. The calculator shows the target date and what saving 20% more would do to it.

  5. 5

    Budget the costs beyond the deposit

    Legal fees, surveys, moving and furnishing routinely add thousands. Give them their own sinking fund so they do not eat the deposit.

Assumptions this calculator makes

  • Savings grow only by your monthly contributions — investment returns and interest are not included.
  • The property price is held flat; a rising market means a rising deposit target.
  • Deposit only — stamp duty, fees and moving costs are excluded and should be saved separately.
  • Lenders also assess income, monthly commitments and credit utilisation, not just the deposit.

Frequently asked questions

How much deposit do I need for a house?
Five to ten percent is a common minimum, twenty percent typically unlocks better rates and avoids mortgage insurance in many markets. Budget separately for legal fees, surveys and moving costs, which often add several thousand on top.
What is the fastest way to save for a house deposit?
Automate a fixed transfer on payday, keep the deposit in a separate high-interest account, cut or pause debt payments above the minimum only when the interest rate is lower than your savings rate, and treat windfalls as deposit money by default.
Should I pay off debt or save a deposit first?
Clear high-interest debt first — it usually costs more than savings earn, and lenders assess your monthly commitments. Low-rate debt can often run alongside deposit saving.

Track the deposit goal until you get the keys

MoneyQuilt keeps your deposit goal beside your real balances, spending and debts — so you can see exactly what to change to bring the date forward.

Free to start · no card required