Home costs calculator

Dream of having a home to call your own?

Our first-time buyer’s calculator will help you work out the total cost of buying a property and how long it’ll take you to get the keys.

We’ve built this calculator for illustrative purposes only. If you’re already a homeowner, you can still use this tool, but we recommend checking the government website first so you know the latest stamp duty charges.

If you’re hoping to buy a property within the next 3 years, it’s usually better to save rather than invest. That’s because there’s less risk involved in savings accounts. If your home buying goal is further into the future, you might want to consider investing. The stock market tends to outperform cash in the long run.

If you do decide to invest, remember that your capital is at risk.

FAQs

How can I save for my mortgage?

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.

Where should I start putting my money away?

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.

What are all these additional costs?

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.

What is Stamp Duty?

If you’re buying land or property in England or Northern Island, you might have to pay a tax (known as Stamp Duty) if the price is over a certain value. From 1st October 2021, you’ll have to pay Stamp Duty on any property that costs more than £125,000.

What are mortgage valuation fees?

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).

What is a surveyor’s fee?

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.

What is a mortgage broker fee?

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.

What is an arrangement 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.

What are conveyancing fees?

When buying your home, you’ll need a solicitor to carry out all the legal work needed to complete your purchase.

Assumptions

What are the risk levels are being used?

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%

How did we calculate the Stamp Duty?

These calculations are applicable from the 1st October 2021, for first-time buyers based in England and Northern Ireland. Source: gov.uk

If your property value is up to £500,000, you’ll pay:
0% tax – if the value is between £0-£300,000
5% tax – if the value is between £300,000-500,000

If your property value is £500,001 or more, you’ll pay:
0% – between £0-£125,000
2% – between £125,001-£250,000
5% – between £250,001-£925,000
10% – between £925,001-£1,500,000
12% – £1,500,001 +

Let’s consider this example. If your property costs £600,000, you would pay tax for each bracket up to £600,000:

0% – between £0-£125,000 = £0
2% – between £125,001-£250,000 = £2,500
5% – between £250,001-£600,000 = £17,500
Total Stamp Duty would be £20,000

How did we calculate the average mortgage valuation fees?

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

How did we calculate the average surveyor’s fees?

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

How did we calculate the average mortgage broker fees?

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

How did we calculate the average arrangement fees?

This rate is just an estimate and could be higher or lower depending on your mortgage provider.
Source: Moneysavingexpert

How did we calculate the average conveyancing fees?

This rate is just an estimate and could be higher or lower depending on various factors.
Source: Moneysavingexpert and comparemymove

Home costs calculator

FAQs

Assumptions

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