Which Calculator Should I Use?
Use calculator No.1 “Based on Monthly Savings 💰” if you know you can only save a fixed amount every month, but the time goal is less important.
e.g. If you know you can save £400 a month,
- Enter your monthly savings amount of £400
- The calculator will tell you how long it will take to reach your goal
Use calculator No.2 “Based on Time Goals ⏳” if you have a time goal for when you want to buy a property to find out how much you need to save every month.
e.g. If I want to buy a property in 24 months (2 years),
- Enter 24 months or 2 years as your time goal
- Calculator will tell you how much you need to save every month
1. Based on Monthly Savings 💰
2. Based on Time Goals ⏳
Notes:
If you’re unsure what numbers to put into the calculators above then use these tips.
For purchase prices:
Check the average house price in your chosen area using Rightmove:
For Deposit %:
For buy-to-let mortgages a common deposit % is 25% as a minimum.