OneTaskBy Tim King · Updated
House Deposit Calculator
Stamp Duty, Conveyancing and Lender Fees Added to Your Deposit Total
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How the House Deposit Calculator works
This house deposit calculator works out the deposit on a property at any percentage, the total cash you need once buying costs such as stamp duty, conveyancing and lender fees are added, how much is left to save and how long that will take at your monthly saving rate with interest.
House deposit calculator formula
The deposit is the price times the deposit percentage. Buying costs come on top, since they are paid in cash and are not part of the loan:
Deposit = price × deposit % ÷ 100 Cash needed = deposit + buying costs Still to save = cash needed − saved so far
The time to save counts months of deposits, with the balance earning the savings rate each month, until it reaches the cash needed.
Worked example: a 20% deposit
A 600,000 home with a 20% deposit needs 120,000, and 20,000 of buying costs brings the cash needed to 140,000. With 50,000 saved, 90,000 is still to save. Putting away 2,000 a month at 4% gets there in 3 years 3 months.
Worked example: a 10% deposit
On a 450,000 home, 10% is 45,000 and buying costs of 15,000 make 60,000 in total. With 20,000 saved and 1,500 a month at 4%, the rest takes 2 years 1 month. The loan is 405,000, a loan-to-value ratio of 90%, which most lenders will price higher or require lenders mortgage insurance (LMI) for. First home buyer schemes in Australia can waive LMI at lower deposits, so check what you qualify for.
House deposit reference table
5%, 10% and 20% deposits on prices from 300,000 to 1,250,000.
| Price | 5% deposit | 10% deposit | 20% deposit |
|---|---|---|---|
| 300,000 | 15,000 | 30,000 | 60,000 |
| 350,000 | 17,500 | 35,000 | 70,000 |
| 400,000 | 20,000 | 40,000 | 80,000 |
| 450,000 | 22,500 | 45,000 | 90,000 |
| 500,000 | 25,000 | 50,000 | 100,000 |
| 550,000 | 27,500 | 55,000 | 110,000 |
| 600,000 | 30,000 | 60,000 | 120,000 |
| 650,000 | 32,500 | 65,000 | 130,000 |
| 700,000 | 35,000 | 70,000 | 140,000 |
| 750,000 | 37,500 | 75,000 | 150,000 |
| 800,000 | 40,000 | 80,000 | 160,000 |
| 850,000 | 42,500 | 85,000 | 170,000 |
| 900,000 | 45,000 | 90,000 | 180,000 |
| 950,000 | 47,500 | 95,000 | 190,000 |
| 1,000,000 | 50,000 | 100,000 | 200,000 |
| 1,050,000 | 52,500 | 105,000 | 210,000 |
| 1,100,000 | 55,000 | 110,000 | 220,000 |
| 1,150,000 | 57,500 | 115,000 | 230,000 |
| 1,200,000 | 60,000 | 120,000 | 240,000 |
| 1,250,000 | 62,500 | 125,000 | 250,000 |
Quick answers
- A 20% deposit on 500,000 is 100,000.
- A 10% deposit on 750,000 is 75,000.
- A 5% deposit on 400,000 is 20,000.
- Saving 1,000 a month takes just over 8 years to reach 100,000 at 0% interest.
- A 20% deposit means a loan-to-value ratio of 80%.
- Divide the gap by your monthly saving to see how many months are left: 60,000 at 2,000 a month is 30 months.
Sources: Moneysmart home loans.
Checked against: 20% deposit on 600,000 = 120,000
FAQ
How much deposit do I need for a house?
Lenders commonly ask for 5 to 20% of the price, and 20% often avoids mortgage insurance or a higher rate. Check with lenders in your country, then enter that percentage here.
Are buying costs part of the deposit?
No. Taxes, legal fees, inspections and lender fees are paid separately, so the calculator adds them to the deposit to get the cash you need.
How can I save a deposit faster?
Raising the monthly amount has the biggest effect. The interest rate matters less over a few years, but a higher-rate account still shortens the time a little.
See also: all Property tools, Pay, Bills, Debt, Investing, Saving.
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