Buying a House — The Numbers, Step by Step

Rent vs Buy, Affordability, Deposit, Loan-to-Value and Mortgage Repayment Calculators

Buying a house is a chain of money questions, and each answer feeds the next: whether to buy at all, what price you can afford, how big a deposit you need and what the mortgage will cost each month. These eight calculators follow that order and run in your browser.

The tools, in order

  1. Rent Vs Buy Calculator

    Start by checking whether buying beats renting over the years you plan to stay.

  2. Home Affordability Calculator

    Find the price range your income and existing debts can actually carry.

  3. House Deposit Calculator

    Work out the deposit you need and how long it takes to save at your current rate.

  4. Loan-to-Value Calculator

    See which loan-to-value band your deposit puts you in, since that sets the rates you are offered.

  5. Mortgage Repayment Calculator

    Turn the loan, rate and term into a monthly repayment and total interest.

  6. Mortgage Comparison Calculator

    Compare two real offers side by side, fees included, rather than the headline rate alone.

  7. Mortgage Offset Calculator

    Check how much interest and time an offset account would save on your savings balance.

  8. Moving Cost Calculator

    Budget for the move itself so the last week does not eat into the deposit.

The order of the money questions when buying a house

Lenders look at income first, then deposit, then the property, so it pays to do the same. The affordability figure sets a ceiling on price. The deposit decides your loan-to-value ratio, and the ratio decides which mortgage rates you can get. Only once those three are settled is a repayment figure meaningful, because the rate depends on them.

Why the loan-to-value band matters so much

Mortgage pricing moves in steps of loan-to-value, commonly at 95, 90, 85, 80, 75 and 60 percent. Moving from just above a step to just below it can cut the rate noticeably, so a small extra amount of deposit can save more over the term than it costs to save. Run the loan-to-value tool at a few deposit figures before you pick a price.

Costs people forget

The deposit is not the whole cash bill. Budget for legal fees, surveys, lender arrangement fees, any purchase taxes where you live, removal costs and the first few bills in the new place. A common rule is to keep a few months of repayments aside as a buffer once the keys are handed over.

FAQ

How much house can I afford on my salary?

Lenders usually cap borrowing at a multiple of income and then test whether the repayment fits your monthly budget after debts and living costs. The affordability calculator applies both checks, so use it with your real outgoings rather than a rough guess for the most honest answer.

Is it better to put down a bigger deposit or keep savings?

A bigger deposit lowers the loan and can move you into a cheaper loan-to-value band, but cash tied up in a house is hard to reach. Keep an emergency fund first, then compare the rate saving against what the money would earn elsewhere, or consider an offset account.

Should I fix my mortgage rate or take a variable one?

A fixed rate gives you certain repayments for the fixed period, which helps when the budget is tight. A variable rate can be cheaper and more flexible but moves with the market. Compare both offers with their fees over the same period before deciding which one suits you.