Before Buying A House - How Much Should I Have Saved

Minimum for first-time buyer conventional loans (3%) or FHA loans (3.5%).

The "gold standard" that allows you to avoid Private Mortgage Insurance (PMI) , which typically costs 0.5% to 1% of your loan amount annually. 2. Closing Costs (2% to 5%) how much should i have saved before buying a house

To get a precise estimate based on your current income and debts, you can use the Zillow Affordability Calculator or the Homes.com Mortgage Calculator . Minimum for first-time buyer conventional loans (3%) or

Do you have a specific or monthly budget in mind that we could use to run more detailed numbers? Closing Costs (2% to 5%) To get a

Budget at least $1,000 to $5,000 for immediate moving expenses and basic essentials like tools, cleaning supplies, and furniture. Summary of Total Savings Needed Based on current 2026 guidelines for a $400,000 home : Down Payment Closing Costs Cash Reserves Total Saved Goal Aggressive (20% down) $115,000+ Moderate (10% down) $70,000 Minimum (3.5% FHA) $36,000

Closing costs are the fees paid to finalize the transaction, covering lender fees, appraisals, title insurance, and taxes.