Home costs calculator
Dreaming of your own home?
Use our calculator to find out the total cost of buying your home, and how long it will take you to get the keys.
We have created this calculator for illustrative purposes only. If you’re hoping to buy a property within the next 5 years, it’s best to save rather than invest. But if your home buying goal is further into the future, you might want to consider investing as the stock market tends to outperform cash in the log run. If you do decide to invest, remember that your capital is at risk.
FAQs
There are a number of ways you can save for your future home and it doesn’t have to be daunting! Start with a plan, explore what government help you can make use of and use our guide on the best ways to save for your mortgage.
Knowing how and where to save will help you make the most of your money. Start by finding out what types of savings accounts there are and find out which one would work best for your needs.
If you’re hoping to buy a property within the next 5 years, it’s best to save rather than invest. But if your home buying goal is further into the future, you might want to consider investing as the stock market tends to outperform cash in the log run.
If you do decide to invest, remember that your capital is at risk.
When you’re looking to purchase a property, it’s not always clear what the additional costs are. But not to worry, we have you covered. Check out some of the hidden costs in this guide. Keep reading if you’d like to find out more about all the costs we’ve listed in the calculator.
If you are looking to buy land or property or land in England or Northern Island, you may have to pay tax if the price is over a certain value.
Your mortgage provider will want to conduct a valuation of the property you are purchasing to make sure it is worth the money they are going to be lending you. Some providers waive this fee, but if you want to conduct your own valuation, you’ll have to geet in touch with a surveyor yourself (check the next FAQ for more details).
It is usually recommended to hire a surveyor to check your property before you buy it. This will make sure it’s worth the value you are buying it for, and depending on the type of report you go for, can highlight the condition of the property.
This is a fee that a mortgage broker can charge for setting up your mortgage for you. Sometimes they will just take commission from the mortgage provider rather than charging the customer a fee.
This is a fee associated with the mortgage product you decide to go with. It can also be called a product fee and can be added to your mortgage. It is not always added and is dependent on the provider you get your mortgage from.
When buying your home, you’ll need a solicitor to carry out all the legal work needed to complete your purchase.
Assumptions
The risk levels we have provided are related to averages in the UK market:
Cash – 0.01% Average everyday savers account
Low Risk – 3%
Medium Risk – 5%
High Risk – 7%
These calculations are applicable till the 31st March 2021 and for those based in England and Northern Ireland. Source: gov.uk
Property value up to £500,000 – 0% tax
Property value between £500,001 to £925,000 – 5% tax
Property value between £925,001 to £1.5 million – 10% tax
Propoerty value above £1.5 million – 12% tax
The figures below represent the property value and the estimated equivalent mortgage valuation fees. Please note that these are estimates amounts and the cost may vary depending on where your property is based. Please note that the cost of your survey may vary depending on the area or other factors.
Source: Compare My Move. took the average costs from a sample of 20 RICS Chartered Surveyors and Building Societies across the UK.
Up to £100,000 – £220 fee
£100,001 to £200,000 – £280 fee
£200,001 to £300,000 – £320 fee
£300,001 to 400,000 – £370 fee
£400,001 to £500,000 – £420 fee
£500,001 to £600,000 – £490 fee
£600,001 to £700,000 – £520 fee
£700,001 to £800,000 – £570 fee
£800,001 to £900,000 – £610 fee
£900,001 to £1,000,000 – £640 fee
The figures below represent the property value and the estimated equivalent surveyor’s fees. Please note that these are estimates amounts and the cost may vary depending on where your property is based. Please note that the cost of your survey may vary depending on the area or other factors.
Source: Compare My Move. took the average costs from a sample of 20 RICS Chartered Surveyors and Building Societies across the UK.
Up to £100,000 – £380
£100,001 to £200,000 – £420
£200,001 to £300,000 – £500
£300,001 to 400,000 – £570
£400,001 to £500,000 – £640
£500,001 to £600,000 – £740
£600,001 to £700,000 – £790
£700,001 to £800,000 – £860
£800,001 to £900,000 – £920
£900,001 to £1,000,000 – £980
This rate is just an estimate and could be higher or lower depending on which broker you use. Some brokers also waive this fee.
Source: Moneysavingexpert
This rate is just an estimate and could be higher or lower depending on your mortgage provider.
Source: Moneysavingexpert
This rate is just an estimate and could be higher or lower depending on various factors.
Source: Moneysavingexpert and comparemymove
