How Much Should I Save Before Buying a House?

How to Buy a House

Most people either pay the total amount in cash or take out a home loan. 

How Much Money Do I Need?

If you are paying cash, you need the full cash amount plus any closing costs

How Much Money Do I need with a Loan?

Most people use loans to purchase a house, and there are many things to take into account when deciding how much money you need up front. 

Down Payment

According to Rocket Mortgage, the average American puts approximately 6% forward as a down payment 

Closing costs

These fees cover the cost of the closing paperwork for the property. They also include legal fees, title searches, surveys, etc. 

Homeowners Insurance

These may be paid once per month and protect the lender and owner from damage to the property. 

Homeowner Association Fee

Homes within communities often come with homeowner association fees.  

Swipe up for more costs to consider when saving for a house!

Swipe up for more costs to consider when saving for a house!