To Buy A House — How Much Money Do You Need

Are you a ? (This often unlocks lower down payment options).

Leo and Mia looked at their $50,000. If they bought the $400,000 house: $20,000 (5%) Closing Costs: $12,000 (3%) Total Spent: $32,000 how much money do you need to buy a house

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. Are you a

That left them with for emergencies and furniture. They realized they didn't need a "perfect" 20% down payment to start their lives; they just needed enough to be "house-safe." If they bought the $400,000 house: $20,000 (5%)

To give you a better idea of your own "magic number," tell me: What is the in your target area?

"We have $50,000," Leo said, tapping a calculator. "That’s a huge amount of money. Why does it feel like we’re still short?"