Save for a House Deposit

This page opens the savings goal calculator in monthly-deposit mode for the biggest cash goal most people ever save for: the down payment on a home. Depending on the country and mortgage type, lenders typically want 10–20% of the purchase price up front — 30,000 to 60,000 on a 300,000 home — plus a few percent more for closing costs, valuation and moving. Enter that full figure as the goal, not just the bare deposit.

House deposits are multi-year projects, and that is where interest finally earns its seat at the table. Saving 40,000 over five years at a 4% annual rate takes about 603 a month, with interest contributing over 3,800 of the total; the same goal squeezed into three years needs roughly 1,047 a month with far less help from compounding. Try a few horizons and watch how strongly the deadline drives the monthly number.

Keep deposit money in high-yield savings or term deposits matched to your timeline — a market dip in the month you make an offer is a risk this goal cannot afford. Recompute whenever rates or your target price change, and if prices in your area are rising, add an annual buffer to the goal so the finish line does not move away faster than you run.