🎯 Savings Goal Calculator to Save a House Deposit
Enter your target amount and monthly savings to find out exactly when you'll reach your goal.
A house deposit savings goal calculator back-solves the monthly contribution required to hit a target deposit by a target date. UK first-time buyers typically target 5-15% deposits; US conventional loans need 5-20% (or 3.5% with FHA); Canadian FHSA contributions are deductible up to C$8,000/year and tax-free out.
A house deposit is the single largest savings goal most adults pursue, and the maths is unforgiving — you're racing against house-price inflation, mortgage-rate volatility, and your own income trajectory at the same time. This calculator back-solves the monthly contribution required to hit your target by your target date, accounting for compounding on the chosen savings vehicle.
Step 1 — Set the target deposit:
UK typical deposits: - 5% (95% LTV): minimum for most lenders via Mortgage Guarantee Scheme; rates ~50-100bps higher than 75% LTV - 10% (90% LTV): standard FTB territory - 15-20% (80-85% LTV): solid middle ground for better pricing - 25%+ (75% or lower LTV): best available rates
US typical deposits: - 3-3.5% (FHA, HomeReady, Home Possible) - 5-10% (conventional with PMI) - 20%+ (conventional, no PMI — the preferred threshold)
Step 2 — Choose the savings vehicle:
UK: - Lifetime ISA (LISA): £4,000/year + 25% government bonus (max £1,000/year). Best for FTBs under £450k property price cap - Cash ISA: tax-free, 3.5-4.5% typical on best easy-access accounts (rate-sensitive, tracks BoE base) - Regular savings: 6-7% on best regular-savers (£200-300/month cap typical) - Premium Bonds: tax-free, ~3.3% prize-fund rate equivalent on April 2026 draws, rising to ~3.8% on July 2026 draws
US: - High-yield savings account (Marcus, Ally, Capital One 360): 3.5-4.5% APY (rate-sensitive) - Money market funds with check-writing - Treasury bills (4-26 week): ~4-4.5% in current rate environment - I-Bonds: inflation-linked, $10k/year cap - Brokerage with short-duration bond fund
Canada (where relevant for cross-border users): - FHSA (First Home Savings Account): C$8,000/year, C$40k lifetime cap, tax-deductible in, tax-free out for first home
Step 3 — Solve for monthly contribution:
PMT = (target − P × (1+r)^t) ÷ (((1+r)^t − 1) ÷ r), with monthly compounding.
Two warnings the calculator surfaces: 1. If your savings rate is below assumed house-price growth, the real-terms target shrinks — extend the timeline or increase contributions 2. If your timeline is under 3 years, equity-based vehicles are too volatile — stick to cash, bonds, or HYSA
For UK FTB schemes, the gov.uk Lifetime ISA page and Mortgage Guarantee Scheme guidance are authoritative; for US, CFPB and HUD; for Canada, CRA's FHSA guidance.
Enter your target amount and monthly savings to find out exactly when you'll reach your goal.
How long will it take to save?
Time to save = (goal − starting amount) ÷ monthly contribution, adjusted upward for interest earned. Saving $50,000 from zero at $500/month with 4% annual interest takes about 7 years and 8 months. Higher interest rates and bigger contributions compress the timeline meaningfully — and starting early matters more than starting big.
| Milestone | Balance | Date |
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How to use this calculator
Takes about 2 minutes.
- Enter your target savings amount
- Add what you've already saved towards the goal
- Set the monthly contribution you can realistically make
- Enter the annual interest rate you expect to earn
- Click Calculate to see the exact month you'll reach your goal and the total interest contributed
Try these scenarios
Tap a scenario to load it into the calculator above.
Key concepts
Target, time, contribution, rate. Every savings goal has four levers: how much you need (target), when you need it (time), how much you can put in each month (contribution), and what return you expect (rate). Fix any three and the fourth is determined.
Inflation matters less for short goals. For a 2-year deposit goal, inflation barely shifts the target. For a 10-year goal, build in a 2-3% annual uplift or your future deposit may fall short.
Goal type drives risk. Money you need in under 3 years belongs in cash savings or short-dated bonds — the stock market is too volatile for a known near-term liability. Money you need in 10+ years can take on equity risk for the extra return.
High-yield accounts. US online banks routinely offer 4-5% on FDIC-insured savings as of 2026; UK easy-access cash ISAs run similar (FSCS-protected to £85k). South African 32-day notice accounts pay 8-9%. The default 4% rate in this calculator is a conservative middle.
Pay yourself first. Behavioural research consistently finds automated transfers on payday — before discretionary spending — outperform willpower-based budgeting. Treat the savings transfer as a fixed expense.
Frequently Asked Questions
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