Do You Have Enough Money Saved for a Down Payment on a House?


Is now the time for you to move into that house you have always wanted? Do you lack the amount needed for a down payment?

Here are some suggestions on how to determined the amount you will need to save and how to make that savings account grow to the point you can buy the house you want.

Starting with the end goal in mind, will go a long way to give you an idea of what is in store for you as you save for your down payment. Figure out how much you can afford to pay for a house based on one salary. In that way, if something happens leaving only one salary between the two of you, you can still afford to pay your mortgage.

How much house you can afford depends on many things including your income and your debt to income ratio which means how much you owe on student loans, car loans and credit cards compared with the amount of money you earn.

Then look for houses on listing sites to narrow down the features that you want and can afford. This will help you hone the amount you will need to save for that down payment. There are some programs that will allow you to get a mortgage with only 3.5% down payment. Check to see if you qualify for loans from FHA, VA or USDA.

Suggestions  on how to make the amount in your savings account increase.

  • Save in big chunks.  Allow for your favorite coffee or that snack you enjoy.
  • Cut back on saving toward your retirement. Continue to maximize the matching amount from your employer.
  • Get large amount of money, put all of it toward your down payment
  • Move to a smaller apartment to be able to save more. The move is temporary
  • Work more hours when overtime is available.
  • Tell your friends and family you are saving for a down payment. That way they can skip inviting you to dinner at an expensive restaurant or find other activities away from shopping. Instead of going to the movies, subscribe to Netflix.
  • Find alternative ways to still enjoy yourself. Cook a fancy streak dinner at home.

More ideas on how you can make that savings account grow.

  • Pay down your credit card debt
  • Save your raise.
  • Put your whole tax refund in the bank.
  • Get a roommate.
  • Get a part time job.
  • Have money taken out of your paycheck and send it directly to the bank.
  • Live on way less than you earn.
  • Move in with your parents.
  • Curtail your spending on clothing and home decorations.
  • Cut back on your cell phone bill.


Follow the suggestions above to make your dream of owning your first home, or owning that dream home you have always wanted. Remember that the sacrifices you are making will only last as long as it takes to save the money you will need for that down payment.

Contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house as-is to us. We can close in less than 30 days. You don’t have to pay Realtors commissions.

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.


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