Saving for a Deposit Calculator
How long will it take to save for a house deposit? Our saving for a deposit calculator shows when you could reach your target, how much savings interest and a Lifetime ISA bonus could add, and what you'd need to save each month to buy by a date you choose.
- Time to your target, month by month
- Lifetime ISA bonus included
- Monthly saving to buy by your date
Your savings over time
Move along the graph to see your balance each month, and how much of it is interest or Lifetime ISA bonus.
| Deposit | Target | Time to save | With a Lifetime ISA |
|---|
Things to keep in mind
- MoneyHelper says most mortgages need a deposit of at least 5% to 10% of the price, and a lower loan-to-value usually means better interest rates.
- You'll also need money for buying costs, such as legal fees, surveys, moving and any Stamp Duty.
- A Lifetime ISA has a 25% charge if you take money out for other reasons, and a 20% charge if the home costs more than £450,000.
These figures are illustrative. Savings rates and Lifetime ISA rules can change. This isn't a recommendation to use any particular account.
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How the saving for a deposit calculator works
A simple, open method, so you can see exactly where the numbers come from.
Set your target
Your deposit target is the percentage you choose of the price you enter. Change either to see a new target.
Grow your savings
Each month we add your saving and interest at the rate you enter. With a Lifetime ISA, up to £4,000 a year also gets a 25% bonus.
See when you get there
We show the month your savings reach the target, and the monthly amount you'd need to get there by the year you choose.
Saving for a deposit: common questions
How long does it take to save for a house deposit?
It depends on your target, what you've saved already and how much you can put away each month. For example, saving £500 a month towards a £25,000 deposit, with £5,000 already saved, would take a little over three years before any interest. Interest and a Lifetime ISA bonus can shorten that.
How much deposit do I need?
MoneyHelper says most mortgages need a deposit of at least 5% to 10% of the property price. A bigger deposit means a lower loan-to-value, which usually opens up better interest rates. You'll also need money for buying costs on top of your deposit.
How does the Lifetime ISA bonus work?
If you open a Lifetime ISA aged 18 to 39, you can pay in up to £4,000 a year until you're 50, and the government adds a 25% bonus of up to £1,000 a year. To use it for a first home, the home must cost £450,000 or less, you must buy at least 12 months after your first payment, use a conveyancer and buy with a mortgage.
What happens to Lifetime ISAs in future?
The government has announced a new First Time Buyer ISA for new savers from April 2029, with a 25% bonus on the final balance, capped at £20,000, for first homes up to £450,000. If you already have a Lifetime ISA, you'll be able to keep using it under the current rules.
Does the calculator include savings interest?
Yes. We add interest each month at the yearly rate you enter. Savings rates can go up or down, so the real result may be different. If you're not sure what rate to use, try 0% to see the effect of your saving alone.
Our calculators give illustrative figures based on what you enter. Mortgage Owl provides general educational information only, not regulated financial advice, and doesn't recommend particular savings accounts, mortgages, lenders or deals. Lifetime ISA rules are set by the government and can change; check GOV.UK for the latest.
