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
Do you have a specific or monthly budget in mind that we could use to run more detailed numbers? how much should i have saved before buying a house
Minimum for first-time buyer conventional loans (3%) or FHA loans (3.5%). Budget at least $1,000 to $5,000 for immediate
Set aside 1% to 2% of the home's value annually for repairs (e.g., $4,000–$8,000 for a $400k home). Set aside 1% to 2% of the home's
Available through VA loans for veterans and USDA loans for eligible rural/suburban areas.
Your down payment is the largest upfront cost and directly impacts your monthly mortgage payment.
Closing costs are the fees paid to finalize the transaction, covering lender fees, appraisals, title insurance, and taxes.
