Deposit Savings

How do I use the BetterBond deposit savings calculator?

A deposit savings calculator helps you work out how much you need to save for your home loan deposit – and how long it will take to reach your goal. It’s the simplest way to plan your savings, stay motivated and see how small monthly contributions can add up over time.

Calculate and plan in five easy steps

1. 1.Enter the purchase price: type in the full price of the property you want to buy (for example, R1,200,000).
2. 2.Enter the deposit percentage required: this is the percentage of the purchase price that needs to be paid as a deposit.
3. 3.Enter your existing savings (R): any amount that you’ve saved up for your deposit already. If you haven’t saved anything, just add R0.
4. 4.Enter the deposit required date: the date you need to pay your deposit.
5. 5.Add your savings interest rate (%): this is the interest rate of the savings vehicle you are using to save. For example, a 32-day call account which offers a 6% interest rate.
6. 6.Click Calculate. The calculator will show you:
   • Deposit goal: the deposit amount you’re working towards.
   • Monthly savings amount required: how much you need to save every month.
   • Total savings required: how much you’ll need to save from start to finish.

Pro tip: Experiment by changing your monthly savings, interest rate or starting balance to see the impact on your savings goal. It’s a quick and motivating way to track your progress – and bring your homeownership dream closer, one month at a time.