How much should we try to save for a down payment on a home under $100k?

How much should we try to save for a down payment on a home under $100k?
0.0 0.0 0.0 0.0 0.0 0

#1

I’m 23 making $45k my girlfriend (also 23) makes $50k (before taxes). We are looking at possibly moving into a home within 1-2 years.


#2

You should save 20% of the purchase price or whatever amount is required by the bank to avoid your having to pay PMI (private mortgage insurance). You can learn more by checking out NerdWallet's Mortgage Guide. And be sure to keep any savings that you plan to use in the short term (less than 5 years) liquid (in a readily-accessible cash account) rather than in the stock market. A money market or savings account would be perfect.

Good luck and I hope this helps!


#3

This thread has been closed. Have a financial question? Log in and ask our community!