Plan your deposit savings
Deposit Savings Calculator
Calculate exactly how long it takes to save your deposit with compound interest. Enter your target home price, current savings, and monthly contribution to see your savings timeline.
Enter your details
Target: $150,000
Interest rate on savings account or investment
Time to reach your goal
5 yr 9 mo
To save $150,000 for your deposit.
deposit target
$150,000
20% of purchase price
Current shortfall
$125,000
Interest earned
$21,740
On your savings
After saving your deposit
Loan amount
$600,000
Est. monthly payment
$3,992
At current market rate estimate
How this calculator works
Saving for a property deposit is one of the biggest financial challenges for first home buyers. The key is understanding the compounding effect of consistent saving combined with a reasonable return on your saved funds.
The formula behind this calculator considers your current savings, your monthly contributions, and the compound interest earned on those savings. Even a modest annual return (3–5%) on a high-yield savings account or short-term term deposit can meaningfully accelerate your timeline.
Your target deposit amount depends on the purchase price and your target LVR. In most markets, a 20% deposit allows you to avoid mortgage insurance (PMI in the US, LMI in Australia, CMHC insurance in Canada). A 10% or 5% deposit is possible in some markets but comes with additional costs.
Worked example
- 1Deposit needed: NZ$150,000 (20% of NZ$750,000)
- 2Shortfall: NZ$150,000 - NZ$30,000 = NZ$120,000
- 3Monthly rate: 4.5% ÷ 12 = 0.375%
- 4Using future value formula with NZ$2,000/month contributions...
- 5Result: Reach goal in approximately 57 months (≈ 5 years)
Frequently Asked Questions
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Try calculatorDisclaimer: Calculations are estimates for general guidance only and do not constitute financial advice. Mortgage rates, LVR restrictions, and lending criteria vary by lender and may be subject to RBNZ requirements. Consult a registered financial adviser before making property decisions.