Home deposit savings calculator
This tool helps you plan your home purchase by calculating how long you need to save to cover the deposit and associated costs based on your income and savings capacity.
How it works
Enter the property price and your monthly net income.
Set the deposit percentage you want to put down.
Find out how long it will take to reach your goal and explore different savings scenarios.
Sale price of the property you want to buy
Monthly net income available for saving
Savings already set aside, reducing your target
Percentage of the price you pay upfront (minimum 20% recommended)
The share of your salary you save each month
SAVINGS SCENARIOS
Scenario comparison
Time needed
15 years
to save 90.000 €
If you maintain this savings rate, you will have the funds you need in approximately octubre de 2041
Deposit required
60.000 €
Taxes and fees (10%)
30.000 €
Total to save
90.000 €
Financial health
Net salary:
Your monthly net salary
Current savings:
Capital already saved
Monthly savings:
Your monthly contribution
Available to live on:
After allocating to savings
HOW IT WORKS
How is the savings needed to buy a home calculated?
Buying a home doesn't just mean having the deposit amount. In Spain, most lenders finance up to 80% of the purchase or appraisal value, so you will typically need to contribute around 20% of the property price from your own savings.
You will also need to cover the costs associated with the purchase, such as taxes, notary fees, land registry and management fees, which typically add around 10% to 12% on top, depending on the region and property type.
Our calculator takes these amounts into account to estimate how much money you need to save before applying for a mortgage.
WHAT YOU NEED TO KNOW
How much money do I need to buy a home?
Buying a home requires having several sums of money in place before signing the mortgage. Here we explain each one:
Deposit
Banks typically finance up to 80% of the appraisal value, so you will need to contribute at least 20% of the price from your own savings.
Taxes
If you buy a resale property, you will pay the ITP transfer tax (between 6% and 10% depending on the region). For new-build properties, VAT at 10% plus stamp duty applies.
Purchase costs
Notary, land registry and management fees add an extra 1% to 2% of the property price.
Recommended savings
To cover all these costs comfortably, it is advisable to have saved between 30% and 32% of the property price before applying for a mortgage.
How much should I save each month?
There is no single figure, but personal finance experts recommend putting aside between 20% and 30% of your monthly net income. If your goal is to buy a home within a specific timeframe, you can work out the monthly amount by dividing your total savings target by the number of months you have. Our calculator does that for you: adjust the sliders and see the timeframe change in real time.
What percentage do banks finance?
Most lenders grant mortgages for up to 80% of the appraisal or purchase value (whichever is lower). In practice, for a €250,000 property, the bank will lend at most €200,000, and you will need to contribute the remaining €50,000. Exceptions exist, such as the government-backed ICO Guarantee for under-35s, which allows financing of up to 90–95%.
What costs should I factor in?
In addition to the deposit, you will need to pay purchase taxes (ITP or VAT plus stamp duty), notary fees for the purchase deed, land registry fees and management fees. Since the 2019 Mortgage Law reform, the bank covers the notary fees for the mortgage deed, management fees and stamp duty. A property valuation, which is usually mandatory, typically costs between €300 and €600.
REAL EXAMPLE
Practical example: buying a €300,000 property
Price
€300,000
Deposit (20%)
€60,000
Taxes and fees (10%)
€30,000
Total to save
€90,000
Saving 20% of a €2,500 monthly salary (€500/month), it would take around 15 years. Increasing savings to 35% (€875/month), you could reach your goal in around 8.6 years.
Mortgage amount
€240,000
Estimated repayment (3.5% APR · 30 years)
€1,078/month
Calculate savings for your home
ALL YOUR QUESTIONS ANSWERED