Step 3 · Save for Your Deposit

Down Payment Calculator & Savings Planner — How Long to Save Your Deposit?

Set your target, enter what you can save each month, and see exactly when you'll hit your deposit goal. Then use the budget tool to find extra savings.

Down Payment Goal

Deposit target
Still to save
Time to goal
Progress: 0%

Budget Planner — find your monthly savings

You could save monthly
Total expenses
Remaining
20% rule target

How much deposit do you really need?

The benchmark is 20% of the purchase price. Hitting 20% usually unlocks better mortgage rates and avoids mortgage insurance (PMI in the US, LMI in Australia). Some schemes let first-time buyers in with 5–10% (UK Help to Buy, US FHA loans), but a bigger deposit always means a smaller loan and lower lifetime interest.

The 50/30/20 rule for house savers

A simple framework: spend ~50% of net income on needs, ~30% on wants, and save at least 20%. The budget tool above shows whether you're hitting that 20% — and if not, exactly how much to trim. Redirecting even one "wants" category toward your deposit can shave months off your timeline.

Frequently asked questions

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