House deposit savings calculator
How long it takes to save a deposit and upfront costs, with interest on your savings.
A planning estimate. Stamp duty depends on your state and price, and first home buyer concessions may apply, so use your state revenue office calculator for that number. A deposit under 20% can mean paying lenders mortgage insurance.
How this calculator works
The target is price × deposit % + upfront costs. Each month the balance earns interest and then your saving is added: balance = balance × (1 + monthly rate) + monthly saving. It repeats until the balance reaches the target.
Worked example: a $700,000 property with a 20% deposit needs $140,000, plus $35,000 of costs, so the target is $175,000. Starting with $30,000, saving $2,000 a month at 4.5% interest, you get there in 62 months, or about 5 years and 2 months.