{"id":98956,"date":"2025-06-25T10:07:39","date_gmt":"2025-06-25T17:07:39","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=98956"},"modified":"2025-07-09T10:14:28","modified_gmt":"2025-07-09T17:14:28","slug":"how-much-money-do-i-need-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-money-do-i-need-to-buy-a-house\/","title":{"rendered":"How Much Money Do I Need to Buy a House?"},"content":{"rendered":"

Buying a house<\/span><\/a> is one of the biggest financial decisions you\u2019ll ever make, and it\u2019s not just about the sale price. From the down payment to closing costs, there are several expenses to consider. So, how much money do you really need to buy a house? Whether you\u2019re buying a<\/span> house in Seattle<\/span><\/a> or a<\/span> home in Denver<\/span><\/a> – this <\/span>Redfin<\/span><\/a> guide will break down every major cost to help you budget effectively and avoid surprises.<\/span><\/p>\n

How much money do I need to buy a house?<\/span><\/h2>\n

You don\u2019t need to save 25% to 30% of a home\u2019s price to become a homeowner<\/a>. In fact, many buyers, especially first-timers, put down far less.<\/span><\/p>\n

As a general rule, saving <\/span>10% to 15% of the purchase price<\/span><\/a> is a smart goal. That should cover your <\/span>down payment<\/span><\/a> and <\/span>closing costs<\/span><\/a>,\u00a0 while giving you a cushion for moving and other initial expenses.<\/span><\/p>\n

We\u2019ll use the<\/span> median U.S. home price<\/span><\/a>\u2014about $440,000 as of June 2025\u2014as a benchmark for estimating how much money you\u2019ll need to buy a house.<\/span><\/p>\n

Estimated savings needed for a home at different price points<\/b><\/p>\n\n\n\n\n\n\n
Home Price<\/b><\/td>\n10% Down<\/b><\/td>\nClosing Costs (3%)<\/b><\/td>\nEstimated Savings Needed<\/b><\/td>\n<\/tr>\n
$300,000<\/span><\/td>\n$30,000<\/span><\/td>\n$9,000<\/span><\/td>\n~$45,000<\/span><\/td>\n<\/tr>\n
$440,000 (national avg.)<\/span><\/td>\n$44,000<\/span><\/td>\n$13,200<\/span><\/td>\n~$66,000<\/span><\/td>\n<\/tr>\n
$600,000<\/span><\/td>\n$60,000<\/span><\/td>\n$18,000<\/span><\/td>\n~$90,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key costs of buying a home<\/span><\/h2>\n

Some costs are due before or at closing, while others (like <\/span>mortgage payments<\/span><\/a> or HOA fees) kick in after you\u2019ve moved in. Here\u2019s a breakdown of the most important costs you\u2019ll need to cover:<\/span><\/p>\n