How Much Money Do You Need To Buy A House Site

Leo and Mia sat at their kitchen table, surrounded by takeout boxes and a laptop screen glowing with Zillow listings. They had been "saving for a house" for three years, but every time they looked at the numbers, the goalposts seemed to move.

This was their biggest hurdle. To avoid private mortgage insurance (PMI), they wanted 20%, which on a $400,000 home was $80,000. Sarah pointed out they could put down as little as 3.5% ($14,000) with an FHA loan, but their monthly payments would be higher. how much money do you need to buy a house

This was the surprise. Sarah told them to set aside another 2% to 5% of the home purchase price. For a $400,000 home, that meant an extra $8,000 to $20,000 for taxes, lender fees, and title insurance. Leo and Mia sat at their kitchen table,