How much you really need
For a main home, banks usually lend between 80% and 90% of the purchase price or the valuation, whichever is lower. The rest, plus the buying costs, comes out of your savings. So you need to count two parts:
- The deposit: between 10% and 20% of the price, depending on the country and the bank.
- Buying costs: taxes, notary, land registry, admin fees and valuation. Depending on the country, the region and whether the home is new or second-hand, they can range from about 5% to more than 12% of the price.
For example, for a €250,000 home with 80% financing, the deposit would be €50,000, and if costs come to 10%, you’d need another €25,000: about €75,000 in total. Before you set your goal, ask the notary, your lawyer or the bank for the exact figures.
Don’t end up with nothing after signing
Buying a home brings costs that aren’t in the deeds: moving, furniture, small repairs and the first bills. It’s also wise to keep an emergency fund of three to six months of expenses, which will now include the mortgage payment. Add this cushion to your goal or keep it in a separate account.
How long it will take
Subtract what you’ve already saved and divide the rest by the amount you can set aside each month. If you need €75,000 and already have €15,000, you’re €60,000 short:
- Saving €800 a month: 75 months, just over six years.
- Saving €1,250 a month: 48 months, four years.
If that feels too long, you have three levers: save more each month, look for a cheaper home or a different area, or push the date back. Running the numbers with real figures avoids frustration and tells you which lever to pull.
How to save more each month
- Make a budget: knowing where your money goes is the first step to finding room.
- Review your fixed costs: subscriptions, insurance, phone and energy tariffs. A fixed cut pays off every month with no effort.
- Save first, spend later: schedule a transfer to your deposit account on the day you get paid.
- Put extra income towards it: bonuses, tax refunds or one-off jobs.
- Cap variable spending: eating out, leisure and shopping, with a monthly budget per category.
Where to keep your deposit savings
If you plan to buy within a few years, what matters most is that the money is there when you need it:
- Keep it in an account separate from your everyday account, so it doesn’t get mixed up with the rest.
- Choose risk-free or low-risk products with clear access, such as savings accounts or term deposits.
- Remember that what can go up can also go down just when you want to buy. This guide is for information only: for investment decisions, talk to a professional.
Get ready for the mortgage
While you save, the bank will also look at your situation:
- An affordable payment: most banks want the payment to stay below 30–35% of your net income.
- Little debt: loans and cards reduce how much you can borrow. Paying them off first helps.
- Stability: regular income and tidy accounts build trust.
A useful trick: for a few months, set aside the amount of the mortgage payment you’d have each month. If you manage it comfortably, you know it’s affordable, and you save even more along the way.
How Calers helps
In Calers you can create a “House deposit” goal with the amount and date you want and link it to your savings account: the percentage reached updates automatically with the balance. Schedule the monthly transfer, set budgets on the categories where you want to cut back and the balance forecast shows you when you’ll get there. And once you have the home, Properties lets you track its value and the mortgage with its amortisation schedule.
Do it with Calers Budgets and goals Spending limits and savings targets
