Calculate deposit savings time
Enter your deposit target, current savings and monthly contribution to estimate how many months it could take to reach your goal. Adjust the monthly amount to see how saving more each month accelerates your timeline.
What this calculator does
This free deposit savings calculator estimates how long it will take to save a target house deposit given your current savings balance and planned monthly contribution. It is a simple planning tool for first-time buyers working towards their first property purchase.
The result assumes a constant monthly saving rate and does not factor in interest earned on savings. Use it alongside our compound interest calculator to add the effect of savings interest to your projection.
How to work out your deposit target
Your deposit target depends on the property price you are aiming for and the loan-to-value ratio you want to achieve:
| Property value | 5% deposit | 10% deposit | 15% deposit | 25% deposit |
|---|---|---|---|---|
| £150,000 | £7,500 | £15,000 | £22,500 | £37,500 |
| £200,000 | £10,000 | £20,000 | £30,000 | £50,000 |
| £250,000 | £12,500 | £25,000 | £37,500 | £62,500 |
| £300,000 | £15,000 | £30,000 | £45,000 | £75,000 |
| £400,000 | £20,000 | £40,000 | £60,000 | £100,000 |
A 10% deposit is a common target for first-time buyers — it unlocks significantly better rates than the minimum 5% and is achievable for most buyers within a reasonable savings timeline. Also remember to budget for buying costs (stamp duty, solicitor fees, survey) on top of the deposit.
Example: savings timeline
Saving a £30,000 deposit (10% on a £300,000 property) with £5,000 already saved:
| Monthly saving | Months to target | Years to target |
|---|---|---|
| £300/month | 83 months | ~7 years |
| £500/month | 50 months | ~4 years 2 months |
| £700/month | 36 months | 3 years |
| £1,000/month | 25 months | ~2 years 1 month |
Increasing monthly savings from £500 to £700 cuts the timeline by over 14 months — small increases in monthly contribution have a disproportionate impact on saving timelines. Using a high-interest savings account or Cash ISA also helps: 4.5% AER on £15,000 earns approximately £675 per year in additional growth.
When to use this calculator
- Setting a realistic purchase timeline — work out when you could realistically be ready to buy based on your current monthly savings rate.
- Finding the impact of saving more — see how much faster you reach the target if you increase monthly contributions by £100 or £200.
- Comparing deposit sizes — model two scenarios (10% vs 15% deposit) to understand the trade-off between waiting longer and getting a better mortgage rate.
- Motivating a savings plan — a concrete timeline makes an abstract savings goal more tangible and easier to commit to.
Common mistakes when saving for a deposit
Not including buying costs in the savings target
The deposit is not the only upfront cost. Stamp duty (with first-time buyer relief in England, up to £2,500 on a £350,000 purchase), solicitor fees, survey costs and mortgage fees can add £3,000–£10,000 to the required total. Budget for these from the start, or you risk arriving at your deposit target but still needing more cash.
Keeping savings in a current account
Savings in a current account or standard savings account earning 0.5% or less are losing real value to inflation. High-interest cash ISAs, easy-access savings accounts or a Lifetime ISA (for eligible first-time buyers) earn significantly more and can materially shorten the savings timeline.
Missing out on the Lifetime ISA bonus
First-time buyers aged 18–39 can use a Lifetime ISA to save up to £4,000 per year and receive a 25% government bonus (up to £1,000/year). On a £30,000 deposit target this could represent up to £7,500 in free money over 7+ years. The property must cost £450,000 or less to use a LISA.
Saving a 5% deposit when 10% is reachable
A 5% deposit gets you on the ladder, but 90% LTV products have meaningfully lower rates than 95% LTV. The interest saved over a 25-year term by starting with a 10% deposit can be significant. Unless property prices in your area are rising faster than you can save, it often makes sense to target a 10% deposit.
Frequently asked questions
How much deposit do I need to buy a house in the UK?
The minimum deposit is typically 5% of the property value for residential purchases. A 10% deposit gives access to a wider, more competitive range of mortgage products. For buy-to-let properties, lenders typically require a minimum of 25%.
What is a Lifetime ISA and can it help?
A Lifetime ISA (LISA) is a government-backed savings account for first-time buyers aged 18–39. You save up to £4,000/year and receive a 25% government bonus (up to £1,000/year). The property must cost £450,000 or less and you must have held the LISA for at least 12 months before using it.
Does the deposit need to come from my own savings?
Lenders generally require the deposit to come from your own savings. Gifted deposits from family are widely accepted but require a signed gift letter confirming the money is not a loan. Borrowed funds (personal loans, credit cards) cannot typically be used as a deposit.
Should I aim for more than the minimum deposit?
Usually yes. A larger deposit reduces your LTV ratio, which typically unlocks lower interest rates and lower monthly repayments. The interest saving over a 25-year term from moving from 95% to 90% LTV can be significant. However, if property prices in your area are rising quickly, the cost of waiting may outweigh the rate benefit.
Do I need to budget for more than just the deposit?
Yes. On top of the deposit, plan for Stamp Duty Land Tax (with first-time buyer relief in England), solicitor fees (£1,500–£3,000), a survey (£300–£1,500), mortgage arrangement fees, and moving costs. Total additional costs are typically £3,000–£10,000 depending on property price.
Where should I keep my deposit savings?
A Lifetime ISA offers the best headline return for eligible first-time buyers (25% bonus). For remaining savings beyond the LISA allowance, high-interest easy-access savings accounts or fixed-term cash ISAs currently offer competitive rates. Avoid keeping significant savings in a standard current account paying little to no interest.
Related calculators
Mortgage Affordability Calculator
Estimate how much you could borrow based on income
Compound Interest Calculator
Add the effect of savings interest to your projection
Mortgage Calculator UK
Estimate monthly repayments once you reach your deposit
Stamp Duty Calculator UK
Check how much SDLT you will need to pay
First-Time Buyer Mortgage Calculator
Monthly payments and total costs for FTBs
Related guides
How much deposit do I need UK?
Deposit tables by property price, LTV bands and savings strategies
Complete first-time buyer guide UK
From saving a deposit to getting the keys
Hidden costs of buying a house UK
All the upfront costs beyond the deposit and mortgage
How much savings after buying a house?
Emergency fund guidance for new homeowners
Important information
This calculator is for general information and planning purposes only. It estimates the time to reach a savings target based on a constant monthly contribution and does not factor in interest earned on savings, inflation, changes in monthly saving capacity, or any other variable. Results are not a guarantee of when you will be ready to buy.
Mortgage availability, lending criteria, interest rates and property prices can all change significantly over a savings timeline. Always seek independent advice from an FCA-regulated mortgage broker before making any borrowing or property purchase decision.
This is not financial advice. Read our full Disclaimer.
About the author
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