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, currently 4-5% on best easy-access accounts - Regular savings: 6-7% on best regular-savers (£200-300/month cap typical) - Premium Bonds: tax-free, ~4.4% prize-fund rate equivalent
US: - High-yield savings account (Marcus, Ally, Capital One 360): 4-5% APY - Money market funds with check-writing - Treasury bills (4-26 week): 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.
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.
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