Realvolution

Published April 16, 2021

Down Payment Saving Tips

Author Avatar

Written by Lisa Lundt

Down Payment Saving Tips header image.

 


The average down payment is 20% of a home's selling price - a considerable chunk of change. Borrowers can use a mortgage calculator to determine how much they will need to save. They should choose a home price that is no more than 25% of their monthly take-home pay. They then know both how much of a home they can afford as well as the down payment amount. Next, cut expenses to accelerate savings; obvious places to start are subscriptions or shopping trips. Borrowers may also consider redirecting retirement savings into a housing fund for a time or investigating options to earn supplemental income

Tags

Mortgages, Buyers, Finance

|

I agree to receive automated marketing calls and texts (SMS/MMS) from , its affiliates and their agents. Msg & data rates may apply. Msg frequency varies. Reply STOP to cancel. Consent is not required for purchase. I also agree to the Terms of Use and Privacy Policy.

home

Are you buying or selling a home?

Buying
Selling
Both
home

When are you planning on buying a new home?

1-3 Mo
3-6 Mo
6+ Mo
home

Are you pre-approved for a mortgage?

Yes
No
Using Cash
home

Would you like to schedule a consultation now?

Yes
No

When would you like us to call?

Thanks! We’ll give you a call as soon as possible.

home

When are you planning on selling your home?

1-3 Mo
3-6 Mo
6+ Mo

Would you like to schedule a consultation or see your home value?

Schedule Consultation
My Home Value

or another way