Plan how much to save each month to reach your target deposit by a chosen date, factoring in interest on savings.
How much you need for your deposit
What you've already put aside
How much you can save each month
Annual interest rate on your savings, e.g. a Cash ISA
Time to reach your deposit
5 years 2 months
This result is an estimate only and does not constitute financial advice.
Total interest earned
£4,518.27
This result is an estimate only and does not constitute financial advice.
This calculator projects your savings forward month by month, adding your monthly contribution and applying interest on the running balance, until you reach your target deposit. That gives a more realistic timeline than simply dividing the deposit by your monthly savings, because it accounts for the interest your savings earn along the way.
A Lifetime ISA is worth considering for first-time buyers, since the government adds a 25% bonus on top of what you save, up to certain annual limits. A Cash ISA or high-interest savings account can also help your deposit grow faster while you save, though rates vary and are subject to change.
This is a projection based on a fixed interest rate and consistent monthly savings — in practice your rate may change and your ability to save each month may vary, so treat the result as a guide rather than a guarantee.
Yes — interest is applied to your running balance each month before your next contribution is added, so the projection reflects compounding rather than just dividing your target by your monthly savings.
For many first-time buyers, yes. A Lifetime ISA adds a 25% government bonus on contributions up to the annual limit, which can significantly shorten your timeline. It comes with rules on withdrawals and property price caps, so check you're eligible before committing your savings to one.
Try increasing your monthly savings, extending your timeframe, or looking at schemes that reduce the deposit you need, such as shared ownership or a guarantor mortgage. A smaller target deposit, even at a slightly higher LTV, is often more achievable than waiting to save a large one.
Because the calculator adds a full month's contribution and interest at a time, the balance can step slightly past your target in the month you reach it, rather than landing exactly on it. The time to target reflects the month this happens.
Compare Lifetime ISA and Cash ISA rates to boost the interest you earn while you save.