Track your house deposit savings with automatic bank integration. See exactly how close you are to your home purchase goal — updated in real time from your actual account balances.
In Wealthos, these values come automatically from your added accounts, tracked income, expenses, and goals.
Wealth in 10 years
40k
Total saved
21k
Earned interest
+9k
Saving for a house deposit takes years. During that time, a spreadsheet inevitably falls out of date — you forget to update it, balances drift, and you lose motivation because the numbers feel stale. An automated tracker connected to your bank accounts shows your real progress every time you open it. That real-time feedback loop is powerful: seeing your deposit fund grow after every payday reinforces the saving habit.
Don't save for a house in your everyday spending account. Open a dedicated savings account (or use a sub-account feature) specifically for your deposit. This creates a psychological barrier against spending it and makes tracking trivial. If you earn in a different currency than your purchase target, save directly in the target currency to avoid exchange rate surprises at completion.
Your savings target should include the down payment plus closing costs (notary, legal, surveys, transfer tax) plus a 3-month buffer for unexpected costs. In most European countries, add 5-15% of the purchase price for closing costs on top of the deposit. A €300,000 property with a 15% deposit needs €45,000 for the deposit plus potentially €15,000-30,000 for closing costs.
Enter the home price and your desired down payment percentage to set your savings target. The calculator projects how long it will take to reach that target based on your current savings, monthly savings rate, and the interest on your savings. Adjust the home price and down payment percentage to see different scenarios.
For a $350,000 home with 20% down, you need $70,000. With $15,000 saved, contributing $2,000/month at 4% interest, you'd reach $70,000 in about 26 months. Dropping to 10% down ($35,000) cuts the timeline to roughly 10 months — but adds PMI to your future mortgage payment.
Remember to budget 2-5% of the home price for closing costs on top of your down payment. On a $350,000 home, that's an additional $7,000-$17,500.
Compare 10% vs. 20% down scenarios. The PMI cost on 10% down is typically $100-$200/month — sometimes worth it if home prices are rising faster than you can save.
If home prices in your area are rising 5%+ per year, waiting 2 more years to save a bigger down payment may actually cost you more than the PMI you'd avoid.
Look into first-time homebuyer programs in your state — many offer down payment assistance grants or reduced-rate mortgages that can significantly lower your savings target.