All calculators are downloadable Excel spreadsheets that allow you to save and amend your own personal data.With this spreadsheet, enter your personal data in the purple coloured cells.
Time to save for a house deposit calculator
Interested in knowing how long it will take you to have enough money saved for a deposit for a house based on your current savings and future house price increases?
It’s easy to calculate how much you will need for a house if your savings and house prices remain static. But they don’t. With so many moving parts, it can be hard to know how different changes in savings rates and house prices can impact the time to save for a house deposit. This is where this calculator can help.
The calculator even spits out some alternative answers to different rates of house price increases.
Obviously no one knows how much house prices are going to increase (or decrease) by, income is going to change, spending is going to change and so on. This is more of a starting point for your planning so you can decide on any immediate changes you may need to make. Such as lowering or increasing your expectations, or lower your spending.
The limitation to this spreadsheet is it only allows for regular savings amounts and these amounts to increase each year as a percentage. If you expect your savings to increase or decrease in not so much of a straight line or if you expect a lump sum of income, then you may find the calculator insufficient. Again though, those things are hard to know ahead of time anyway so the starting point benefits of this calculator still probably apply. A workaround is if your situation changes you can save the spreadsheet and then re enter the new numbers on the sheet so it updates the results based on new information. It is your personal sheet to use after all.
For personalised advice on deciding whether or not buying a property should be part of your financial plan, then get in touch for a no obligations chat to see how we may be able to add value for you.
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