{"id":28842,"date":"2021-12-30T10:15:09","date_gmt":"2021-12-30T18:15:09","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=28842"},"modified":"2026-04-05T21:32:49","modified_gmt":"2026-04-06T04:32:49","slug":"buyer-how-to-save-for-a-house-down-payment","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-how-to-save-for-a-house-down-payment\/","title":{"rendered":"Saving For a House Down Payment? 18 Tips on How to Get There Faster"},"content":{"rendered":"<p>Saving for a down payment to buy a house can feel like an insurmountable task. Between recurring monthly expenses, the costs of daily life, and paying down debt (which, <a href=\"https:\/\/www.cnbc.com\/2021\/10\/13\/how-much-debt-each-generation-has-in-the-us.html\">statistically<\/a>, most people in the United States carry in some form), it can feel like there\u2019s just not enough money coming in to save for a house down payment.<\/p>\n<p>But with <a href=\"https:\/\/time.com\/nextadvisor\/mortgages\/mortgage-rates-history\/\">record-low interest rates<\/a> and a smattering of <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-programs\/\">first-time buyer programs<\/a> available, 2022 really could be a great time to buy a home \u2014 and it might be a more attainable prospect than you think.<\/p>\n<p>Going beyond the everyone-knows-that tips to pack your lunch and make coffee at home, we\u2019re offering actionable advice on how to save for a house down payment fast. And to help, we\u2019ve brought in real-world financial and real estate experts to share their insights on how to save and how to maximize your down payment funds.<\/p>\n<p>Give your piggy bank a shake, and let\u2019s get started!<\/p>\n<figure id=\"attachment_28848\" aria-describedby=\"caption-attachment-28848\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-666x381.png\" class=\"attachment-content size-content\" alt=\"A person researching online about how to save for a house down payment.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-1.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-28848\" class=\"wp-caption-text\">Source: (Surface \/ Unsplash)<\/figcaption><\/figure>\n<h2>What\u2019s a down payment?<\/h2>\n<p>We\u2019re not trying to insult anyone\u2019s intelligence here, but it\u2019s worth giving a quick overview as to what exactly a house down payment is \u2014 and why lenders usually require one.<\/p>\n<p>A <a href=\"https:\/\/www.homelight.com\/blog\/buyer-average-down-payment-for-house\/\">down payment<\/a> is the cash you\u2019ll provide at <a href=\"https:\/\/www.homelight.com\/blog\/buyer-house-closing-process\/\">closing<\/a> that applies directly to your purchase. Because home prices and down payment amounts vary widely, the number is usually spoken of in terms of a percentage of the purchase price of the house. Putting down anywhere between 3% and 20% of the home\u2019s purchase price is common, though there are some loan programs that will let you put 0% down.<\/p>\n<p>Lenders want to see that you\u2019re capable and willing to repay your loan, so a down payment serves as a credible up-front investment. How much you\u2019ll need to put down when buying a house will depend on several factors, including:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Your credit history and credit score (the higher, the better!)<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Your income<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">The purchase price of the home<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">The type of loan you\u2019ll be using (different <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-mortgage-can-i-afford\/\">loan types<\/a> have different requirements)<\/li>\n<\/ul>\n<p>And, of course, how much you <i>want<\/i> to put down is another consideration. Your loan may only require a 3.5% down payment, but perhaps you\u2019d like to put down 10% to gain a more favorable interest rate, or simply to borrow a smaller amount of money through your mortgage.<\/p>\n<section class=\"building-block bb-type-default bb-agent-quote bg-none\" id=\"bb-1\"><div class=\"body block\"><div class=\"container-fluid\"><div class=\"block-content\">            <blockquote class=\"post-blockquote\">\n                <q>It\u2019s never too early to have a conversation with a lender to find out exactly what you\u2019ll need to save for a down payment.<\/q>\n                                    <div class=\"contributors\">\n                        <ul class=\"list\">\n                            <li>\n                                <div class=\"inner\">\n                                    <div class=\"opener\">\n                                        <div class=\"avatar\">\n                                                                                            <img decoding=\"async\" src=\"https:\/\/media.homelight.com\/uploads\/agent\/picture\/3103232\/9ddf152b-3ecb-4893-9170-b987f21f5b5b.png?width=121\" alt=\"Mike Smallegan\">\n                                                                                    <\/div>\n                                        <div class=\"info\">\n                                            <strong>Mike Smallegan<\/strong>\n                                            <span>Real Estate Agent<\/span>\n                                        <\/div>\n                                    <\/div>\n\n                                    <div class=\"contributors-detail-modal\">\n                                        <div class=\"holder\">\n                                            <a href=\"#\" class=\"icon-close close\">\n                                                <span class=\"screen-reader-text\">Close<\/span>\n                                            <\/a>\n                                            <div class=\"top\">\n                                                <div class=\"avatar\">\n                                                                                                            <img decoding=\"async\" src=\"https:\/\/media.homelight.com\/uploads\/agent\/picture\/3103232\/9ddf152b-3ecb-4893-9170-b987f21f5b5b.png?width=121\" alt=\"Mike Smallegan\">\n                                                                                                    <\/div>\n                                                <div class=\"info\">\n                                                    <strong>Mike Smallegan<\/strong>\n                                                                                                            <span>Real Estate Agent at Smallegan Real Estate<\/span>\n                                                                                                        <div class=\"rating\">\n                                                                                                            <\/div>\n                                                                                                            <span class=\"note\">Currently accepting new clients<\/span>\n                                                                                                    <\/div>\n                                            <\/div>\n                                                                                            <div class=\"btm\">\n                                                    <ul class=\"exp-list inline-list\">\n                                                                                                                    <li>\n                                                                <span>Years of Experience<\/span>\n                                                                <strong>13<\/strong>\n                                                            <\/li>\n                                                                                                                    <li>\n                                                                <span>Transactions<\/span>\n                                                                <strong>1561<\/strong>\n                                                            <\/li>\n                                                                                                                    <li>\n                                                                <span>Average Price Point<\/span>\n                                                                <strong>$239k<\/strong>\n                                                            <\/li>\n                                                                                                                    <li>\n                                                                <span>Single Family Homes<\/span>\n                                                                <strong>1477<\/strong>\n                                                            <\/li>\n                                                                                                            <\/ul>\n                                                <\/div>\n                                                                                    <\/div>\n                                    <\/div>\n                                <\/div>\n                            <\/li>\n                        <\/ul>\n                    <\/div>\n                            <\/blockquote>\n        <\/div><\/div><\/div><\/section>\n<h2>When should I talk to a lender?<\/h2>\n<p>An experienced, trustworthy <a href=\"https:\/\/www.homelight.com\/blog\/home-financing\/mortgage-loans\/\">mortgage lender<\/a> will review your financial situation and help you determine which types of loans and loan programs will best suit your needs. Just as when you\u2019re looking for a great <a href=\"https:\/\/www.homelight.com\/buying\">real estate agent<\/a>, it\u2019s perfectly fine to shop around and speak with several different people until you find the ones you \u201cclick\u201d with.<\/p>\n<p>You should feel totally comfortable asking lots of <a href=\"https:\/\/www.homelight.com\/blog\/buyer-questions-to-ask-a-real-estate-agent\/\">questions of both your agent<\/a> and <a href=\"https:\/\/www.homelight.com\/blog\/buyer-questions-to-ask-mortgage-lender\/\">your lender<\/a> \u2014 and you don\u2019t necessarily have to wait until the very moment you\u2019re ready to start shopping for a house.<\/p>\n<p>\u201cIt\u2019s never too early to have a conversation with a lender to find out exactly what you\u2019ll need to save for a down payment,\u201d says <a href=\"https:\/\/www.homelight.com\/agents\/mike-smallegan-mi-6501378816\">Mike Smallegan<\/a>, a real estate agent based in <a href=\"https:\/\/www.homelight.com\/grand-rapids-mi\/top-real-estate-agents\">Grand Rapids<\/a>, Michigan, who works with 80% more single-family homes than the average agent in his area.<\/p>\n<p>He notes that buyers should be aware that <a href=\"https:\/\/www.homelight.com\/mortgages\/rates\">mortgage interest rates<\/a> can and will change, and that interest rates help determine not only how much you\u2019ll need as a down payment, but also <a href=\"https:\/\/www.homelight.com\/blog\/buyer-mortgage-rates\/\">how much you can afford<\/a> when it comes to the purchase price of your future home.<\/p>\n<p>\u201cI always want my buyers to understand what it\u2019s going to take to purchase a home in the current market, but also to be aware that interest rates will change,\u201d says Smallegan. \u201cBuyers need to be in communication with their agent and their lender as they save up for a down payment.\u201d<\/p>\n<h2>How much do I <i>really<\/i> need for a down payment?<\/h2>\n<p>As we\u2019ve mentioned, down payment amounts can \u2014 and do \u2014 vary widely. But we can say this: You don\u2019t <i>have<\/i> to put down 20%, and it\u2019s even possible to put down no money at all.<\/p>\n<p>Though <a href=\"https:\/\/www.homelight.com\/blog\/buyer-mortgage-down-payment\/\">20%<\/a> has long been considered the \u201cstandard\u201d down payment amount, it\u2019s not a requirement. It\u2019s very possible to secure a mortgage with just 3% down \u2014 even if you\u2019re a <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-tips\/\">first-time homebuyer<\/a> \u2014 and there are viable options for <a href=\"https:\/\/www.homelight.com\/blog\/buyer-zero-down-payment\/\">zero down payment<\/a> loans, too.<\/p>\n<p>The advantages of putting more money down include a smaller <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-the-difference-between-paying-interest-and-paying-off-my-principal-in-an-auto-loan-en-845\/#:~:text=Principal%20is%20the%20money%20that%20you%20originally%20agreed%20to%20pay%20back.&amp;text=If%20you%20plan%20to%20pay,by%20reviewing%20your%20loan%20balance.\">loan principal<\/a>, a potentially lower <a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/explore-rates\/\">interest rate<\/a>, and a better chance of avoiding <a href=\"https:\/\/www.homelight.com\/blog\/what-is-pmi-can-you-get-rid-of-it\/\">mortgage insurance<\/a> (MI).<\/p>\n<p>Mortgage insurance is generally required on <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-a-conventional-loan\/\">conventional loans<\/a> on which your down payment is less than 20% \u2014 and it\u2019s always required on <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-the-difference-between-fha-and-conventional-loan\/\">FHA loans<\/a>. Usually coming in at an annual cost between 0.5% and 1% of the loan amount, MI protects the lender if you stop making payments on your loan.<\/p>\n<p>You can request for MI to be removed from your mortgage once you\u2019ve reached 20% <a href=\"https:\/\/www.homelight.com\/blog\/what-is-home-equity\/\">equity<\/a> in your home (provided you use a conventional loan), but it is an added expense that will increase your monthly <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-to-calculate-mortgage-payment\/\">mortgage payment<\/a> until that time comes.<\/p>\n<p>So, all told, the best way to figure out how much you\u2019ll need for a down payment is to assess <a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-house-can-i-afford\/\">what house you can afford<\/a> and which loan type will work best for you \u2014 with the help of a lender.<\/p>\n<h2>Which loans have the lowest down payment requirements?<\/h2>\n<p>At the risk of sounding like a broken record, a lender will always be your best source for the most up-to-date information on loan requirements and availability \u2014 but for the sake of example, let\u2019s imagine you&#8217;re in the market for a $350,000 home.<\/p>\n<h3>Conventional loans<\/h3>\n<p>If you\u2019re using a <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-programs\/#:~:text=authority%20%5Bcity%2C%20state%5D.%E2%80%9D-,Conventional%20loans,-To%20wrap%20up\">conventional loan<\/a> to buy a home \u2014 in other words, a loan that is not backed by the federal government \u2014 either 3% or 5% is a common down payment requirement.<\/p>\n<p>Your credit score and income will determine the required amount down. For our $350,000 home example, this means you\u2019ll need to be prepared with between $10,500 and $17,500 to put down.<\/p>\n<h3>FHA loans<\/h3>\n<p>Buying your home with an <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-programs\/#:~:text=time%20homebuyer%20programs.-,FHA%20loans,-FHA%20stands%20for\">FHA loan<\/a> is a great option if your credit score still has room for improvement \u2014 the down payment requirements are low, and qualification terms are a bit more forgiving.<\/p>\n<p>At a 3.5% down payment on your $350,000 home, you\u2019ll need to bring $12,250 to the closing table.<\/p>\n<h3>USDA loans<\/h3>\n<p>A <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-programs\/#:~:text=USDA%20rural%20housing%20loans\">USDA home loan<\/a> applies to purchases in qualifying rural areas. There is an income limit (in 2021, this was $91,900 for a household of up to four people), and your credit score will need to be at least 640, but there\u2019s no down payment requirement.<\/p>\n<h3>VA loans<\/h3>\n<p>For current and former service members, a <a href=\"https:\/\/www.homelight.com\/blog\/buyer-first-time-home-buyer-programs\/#:~:text=Debby%20Hudson%20\/%20Unsplash)-,VA%20loans,-The%20Veterans%20Benefits\">VA loan<\/a> may be an option. You\u2019ll need to prove your eligibility and have a qualifying credit score as determined by the lender. With a VA loan, there is no down payment requirement, meaning you can put zero down.<\/p>\n<figure id=\"attachment_28849\" aria-describedby=\"caption-attachment-28849\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-666x381.png\" class=\"attachment-content size-content\" alt=\"A new couch, which might be an expense to consider when saving for a house down payment.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-2.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-28849\" class=\"wp-caption-text\">Source: (Sidekix Media \/ Unsplash)<\/figcaption><\/figure>\n<h2>What other homebuying expenses should I consider?<\/h2>\n<p>Your down payment isn\u2019t the only element you\u2019ll need cash for when it comes to buying a home.<\/p>\n<p>Though expenses will vary depending on your location and the terms of your <a href=\"https:\/\/www.homelight.com\/blog\/buyer-real-estate-contract\/\">purchase agreement<\/a>, there are a few additional expenses that seem to be an inevitable part of the homebuying process.<\/p>\n<h3>Closing costs<\/h3>\n<p><a href=\"https:\/\/www.homelight.com\/blog\/buyer-closing-costs-for-buyer\/\">Closing costs<\/a> are the fees paid at the closing of your purchase. This is when you\u2019ll need to provide your down payment, and pay any additional costs that are not covered by the seller.<\/p>\n<p>Closing costs are usually between 2% and 5% of the purchase price, and they may include line items such as:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.homelight.com\/blog\/how-to-find-liens-on-property\/\">Title review<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Title insurance<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Property taxes<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Inspection fees (if these weren\u2019t paid at the time of your <a href=\"https:\/\/www.homelight.com\/blog\/how-home-inspection-works\/\">home inspection<\/a>)<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Transfer tax<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Attorney fees<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Escrow fee<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Lender fees<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Appraisal<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-an-hoa\/\">Homeowners association<\/a> transfer fee<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Real estate agent commission (fortunately, this expense is usually on the seller!)<\/li>\n<\/ul>\n<p>Your agent can give you more insight into what are common closing costs in your area, and you\u2019ll receive the <a href=\"https:\/\/www.homelight.com\/blog\/sellers-closing-statement\/\">Closing Disclosure<\/a> document generally three days prior to closing.<\/p>\n<h3>Moving expenses<\/h3>\n<p>Moving <a href=\"https:\/\/www.homelight.com\/blog\/buyer-moving-advice\/\">doesn\u2019t have to be miserable<\/a>, but it is a huge task and can quickly become expensive. Even if you own a truck or a van and move everything yourself, it\u2019s unlikely that you\u2019ll find a way to move entirely for free.<\/p>\n<p>Consider the cost of boxes, packing tape, cleaning supplies, food and drinks to bribe your friends into helping, and the cost of gas to go back and forth between homes.<\/p>\n<p>There are ways to <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-to-make-moving-easier\/\">make your move easier<\/a>, but hiring professional movers is definitely the most efficient way to get the job done. Moving companies typically have multiple levels of service, from showing up on moving day to relocate your stacks of boxes, to actually doing the packing and unpacking for you. But it isn\u2019t cheap, so you\u2019ll want to shop around well in advance.<\/p>\n<h3>New furniture<\/h3>\n<p>Even if you\u2019re moving to a home of equivalent size to your current residence, there\u2019s sure to be something about the <a href=\"https:\/\/www.homelight.com\/blog\/living-room-styles\/\">room configuration<\/a> \u2014 or the very human desire to begin anew with fresh decor \u2014 that demands new furniture.<\/p>\n<p>Maybe you\u2019ll need shelving in a corner of your home office, maybe your sectional sofa <a href=\"https:\/\/www.homelight.com\/blog\/buyer-optimizing-furniture-arrangement-new-house\/\">doesn\u2019t actually work<\/a> with the new space as well as you thought, or perhaps you\u2019ll suddenly realize you\u2019ve had the same IKEA dresser for the past 10 years and you can\u2019t stand the sight of it any longer.<\/p>\n<p>Whatever the case, it\u2019s best to do yourself the favor of budgeting for a few new pieces of furniture and home decor once you\u2019ve moved.<\/p>\n<figure id=\"attachment_28861\" aria-describedby=\"caption-attachment-28861\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-666x381.png\" class=\"attachment-content size-content\" alt=\"A notebook and laptop, which you may need when calculating how to save for a house down payment.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-3.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-28861\" class=\"wp-caption-text\">Source: (Trent Erwin \/ Unsplash)<\/figcaption><\/figure>\n<h2>18 tips to save up for a house down payment fast<\/h2>\n<p>Aside from talking to your lender and agent, you can play around with online payment calculators to help you determine how much <a href=\"https:\/\/www.homelight.com\/blog\/buyer-down-payment-calculator\/\">down payment<\/a> you\u2019ll need, as well as <a href=\"https:\/\/www.homelight.com\/how-much-house-can-i-afford\">home affordability<\/a>.<\/p>\n<p>But remember that calculators are just a jumping off point \u2014 they\u2019re not a substitute for professional advice!<\/p>\n<p>Once you have some actual numbers to refer to, it\u2019s time to get down to the business of <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-to-save-for-a-house-in-6-months\/\">saving money fast<\/a>.<\/p>\n<h3>1. Set a timeline<\/h3>\n<p>First things first: You\u2019ll want to make a plan.<\/p>\n<p>On paper (or spreadsheet), figure out your monthly budget by accounting for all current expenses and income. Determine how much you can realistically save each month based on these initial numbers, then do the math to determine how long it will take you to save up for your down payment.<\/p>\n<p>Ideally, you\u2019ll both cut your expenses <i>and<\/i> increase your income during your savings period, but creating this timeline is a good frame of reference for understanding the numbers.<\/p>\n<h3>2. Cut out unnecessary expenses<\/h3>\n<p>Yep, this is where you\u2019ll usually see suggestions for skipping the fancy coffee shops and making avocado toast at home \u2014 and while it\u2019s true that these smaller expenses <i>do<\/i> add up, trimming the real fat of your budget goes deeper than eliminating extracurricular snacks.<\/p>\n<h4>Cancel subscription services<\/h4>\n<p>If you subscribe to any programs that involve receiving a box of \u201cstuff\u201d each month \u2014 think beauty samples, pet toys, vitamins, razors, and so on \u2014 put those on hold or cancel them entirely.<\/p>\n<p>Not only will you save money on that monthly cost, you\u2019ll help make your own packing process easier when you have less accumulating items to go through.<\/p>\n<h4>Cut back on streaming entertainment<\/h4>\n<p>Look, since saving money almost always involves going out less and staying in more, we\u2019re not necessarily going to tell you to drop your Netflix subscription. Maintaining some form of at-home entertainment is important \u2014 but do you really need to subscribe to three or four different streaming services? Pick one, and then pause or cancel the rest.<\/p>\n<p>Same goes for any listening and reading subscriptions you might have. Can you drop your Audible subscription for a few months and instead borrow audiobooks through an app (like <a href=\"https:\/\/www.overdrive.com\/apps\">OverDrive<\/a>) and your local library? You can do the same with ebooks!<\/p>\n<h4>Frequent discount grocers<\/h4>\n<p>If you have one in your area, try grocery shopping at Aldi or Trader Joe\u2019s. Ask friends or coworkers if they have a Costco card you can borrow (or just tag along on their next visit) to stock up on frequently used items at a reduced price.<\/p>\n<p>Regardless of your preferred venue, most \u201cbig\u201d grocery stores have a loyalty program that is free to join and allows you to collect points and benefit from members-only discounts \u2014 take advantage!<\/p>\n<h3>3. Assess your spending habits<\/h3>\n<p>Once you\u2019ve eliminated the obvious extras in your budget, it can be challenging to discern where else you can cut back.<\/p>\n<p>Grab a highlighter and take a look at your bank and credit card statements from the last three months. Highlight anything that seems even vaguely unnecessary or that you don\u2019t remember buying in the first place. Are any patterns emerging?<\/p>\n<p>Maybe you\u2019re stopping by that upscale pastry shop more often than you realized, or perhaps it\u2019s become clear that you\u2019ve added to your houseplant collection four times in the last three weeks.<\/p>\n<p>We\u2019re all allowed our hobbies and indulgences, but when you\u2019re saving for a house down payment, ask yourself where you can make a short-term sacrifice for a long-term gain.<\/p>\n<h3>4. Designate a down payment savings account (and automate!)<\/h3>\n<p>Your checking account is probably tied to a generic savings account through your bank and credit union. This is fine, but it\u2019s probably <i>not<\/i> your best bet for saving your down payment.<\/p>\n<p>\u201cEstablish a separate savings account and use it exclusively for your down payment,\u201d says certified financial planner Alex Williams. \u201cBy keeping this money separate, you\u2019ll be less likely to tap into it when you are tight on cash.\u201d<\/p>\n<p>Williams also recommends automating your monthly savings contributions. By not having to think about and take the time to manually transfer money into your down payment savings account, you eliminate the risk of using that money elsewhere.<\/p>\n<p>Bonus points if you rename the account from the bank-generated label of \u201cSAVINGS\u20140314\u201d to \u201cHouse Fund\u201d or \u201cHouse Down Payment\u201d to keep you focused.<\/p>\n<h3>5. Consider pausing retirement contributions<\/h3>\n<p>You may want to consult a financial planner \u2014 or even your lender \u2014 for advice on this one, but it could be worth pausing your retirement contributions in favor of routing those funds to your down payment savings account instead.<\/p>\n<p>It might even be possible to take out a <a href=\"https:\/\/www.investopedia.com\/articles\/retirement\/08\/borrow-from-401k-loan.asp\">loan on your 401(k)<\/a> to speed up your down payment acquisition, but do be aware of possible tax implications or not-worth-it investment losses.<\/p>\n<p>Advantages of borrowing from your own retirement savings can mean a faster path to buying a home, and there may be very little or no cost for accessing those funds. Repayment options are often flexible, and there\u2019s generally no <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-is-a-hard-inquiry\/\">hard inquiry<\/a> to your credit while pursuing the loan.<\/p>\n<p>But, again, this is a savings option that is best to review with a professional before taking action.<\/p>\n<h3>6. Can you downsize?<\/h3>\n<p>Moving is expensive, and <a href=\"https:\/\/edition.cnn.com\/2021\/09\/30\/homes\/rents-going-up-in-us-feseries\/index.html\">rent prices are increasing<\/a> in many areas around the country, so this may not be the most practical idea on this list \u2014 but if there\u2019s an opportunity for you to move into a less expensive home without committing to the space long-term, you could drastically reduce your time spent saving up for a down payment.<\/p>\n<p>Rather than signing a formal lease on an apartment, consider reaching out to family or friends who may have an extra bedroom or a <a href=\"https:\/\/www.homelight.com\/blog\/basement-design-ideas\/\">finished basement<\/a> available. They could make a few hundred extra bucks for a few months while you save for your down payment even faster. Win-win!<\/p>\n<figure id=\"attachment_28862\" aria-describedby=\"caption-attachment-28862\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-666x381.png\" class=\"attachment-content size-content\" alt=\"Two people discussing how to save for a house down payment.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-4.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-28862\" class=\"wp-caption-text\">Source: (Ubiq \/ Unsplash)<\/figcaption><\/figure>\n<h3>7. Ask your landlord for a break<\/h3>\n<p>In lieu of moving before you move again, try talking with your landlord and seeing if there are any opportunities for saving money.<\/p>\n<p>Maybe they\u2019ll cut you a break on pet fees, or maybe you can take over a task like <a href=\"https:\/\/www.homelight.com\/blog\/does-landscaping-add-value\/\">mowing the lawn<\/a> or removing snow in exchange for a discount on your rent.<\/p>\n<h3>8. Request a raise at work<\/h3>\n<p>While asking your boss for a raise on the grounds that you\u2019re saving for a house isn\u2019t the most professional tactic, if it\u2019s been a while since your last bump in pay \u2014 or if you\u2019ve recently completed a big, well-received project \u2014 it may not be out of bounds to ask about a raise.<\/p>\n<p>Put together a list of your accomplishments over the last several months, compile any meaningful praise (always save those \u201cWow, great work on this!\u201d emails!), and use resources like <a href=\"https:\/\/www.glassdoor.com\/Salaries\/index.htm\">Glassdoor<\/a>, <a href=\"https:\/\/www.payscale.com\/\">Payscale<\/a>, and <a href=\"https:\/\/www.salary.com\/\">Salary.com<\/a> to bring weight to your request.<\/p>\n<h3>9. Or, find a new job?<\/h3>\n<p>Sometimes the best way to get a raise is to find a new job entirely. Though starting a new role at the same time you\u2019re trying to buy a house may not be the most relaxing time of your life, it could ultimately pay off.<\/p>\n<p>Consider your line of work and determine if it may be possible for you to leverage the 2021 <a href=\"https:\/\/www.cnbc.com\/2021\/10\/20\/global-shortage-of-workers-whats-going-on-experts-explain.html\">labor shortage<\/a> to your advantage and snag a higher-paying job.<\/p>\n<h3>10. There\u2019s always a side hustle<\/h3>\n<p>There is no shortage of options for a part-time gig these days. Whether you take on freelance graphic design work, start selling your pandemic-perfected sourdough boules, or pick up a few shifts a week at your neighborhood cafe, adding to your income can help bolster your savings quickly.<\/p>\n<p>\u201cOne of the most effective ways to save money for a down payment is to get a side job,\u201d says financial expert <a href=\"https:\/\/www.dundaslife.com\/team\/greg-rozdeba\">Greg Rozdeba<\/a>. \u201cThe extra income can be put entirely toward your down payment, while your original income source can be used for daily expenses.<\/p>\n<p>\u201cThough it\u2019s harder to do, this method is the most effective.\u201d<\/p>\n<p>While it\u2019s tough to estimate how much you could theoretically earn working part-time, if you live in a state with a $15.00 per hour minimum wage, picking up even just 10 hours a week can bring in an extra $600 per month.<\/p>\n<h3>11. Rent out your space<\/h3>\n<p>If you live in an area that receives frequent visitors, you could earn extra cash by putting your home (or part of it, if you have a spare bedroom) on <a href=\"https:\/\/www.airbnb.com\/\">Airbnb<\/a>.<\/p>\n<p>If you have an extra parking space, rent it out on a platform like <a href=\"https:\/\/spothero.com\/sell-parking\/independent-sellers\">SpotHero<\/a> or <a href=\"https:\/\/parkpnp.com\/us\/rent-your-parking-space\">Parkpnp<\/a>.<\/p>\n<h3>12. Sell off big-ticket items<\/h3>\n<p>You\u2019re going to move anyway, so if there\u2019s anything in your current home that you\u2019re planning to sell while relocating, why not do it now and put that cash in your down payment fund?<\/p>\n<p>Use a discerning eye to look over your furniture, sporting goods, electronics, collectibles, and designer clothing, and then decide which pieces you can bear to part with. Platforms like <a href=\"https:\/\/www.craigslist.org\/\">craigslist<\/a>, <a href=\"https:\/\/www.ebay.com\/\">eBay<\/a>, <a href=\"https:\/\/poshmark.com\/\">Poshmark<\/a>, <a href=\"https:\/\/nextdoor.com\/\">Nextdoor<\/a>, and <a href=\"https:\/\/www.thredup.com\/\">thredUP<\/a> make it easy (and secure) to sell your stuff online with minimal effort.<\/p>\n<h3>13. Hold off on major purchases<\/h3>\n<p>This probably goes without saying, but now isn\u2019t the time to take a luxurious vacation, buy a new car, or upgrade your TV.<\/p>\n<p>Keep your spending low while you\u2019re saving for your house down payment, and know that these restrictions are only temporary!<\/p>\n<figure id=\"attachment_28845\" aria-describedby=\"caption-attachment-28845\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-666x381.png\" class=\"attachment-content size-content\" alt=\"An adding machine, which can help calculate how to save for a house down payment.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/12\/how-to-save-for-a-house-down-payment.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-28845\" class=\"wp-caption-text\">Source: (StellrWeb \/ Unsplash)<\/figcaption><\/figure>\n<h3>14. Strategically pay off debts<\/h3>\n<p>As with the question of pausing retirement contributions, your debt repayment strategy is best discussed with a professional, but carrying less debt helps you qualify for a larger mortgage. (And, in a broader sense, it lessens your financial stress.)<\/p>\n<p>Whether you should prioritize down payment savings or paying off debt really depends on the debt itself. High-interest debt \u2014 think credit card debt \u2014 you\u2019ll typically want to get off your plate as quickly as possible. Other debts, like student loans or auto loans, may be more sensibly regulated to minimum payments while you temporarily route extra cash to your down payment.<\/p>\n<h3>15. Polish up your credit score<\/h3>\n<p>A period of intense savings is also a great time to work on your credit score. You\u2019ll be spending less money and be more in tune with what you <i>are<\/i> spending, so this is a real opportunity to look into what it takes to bring your score up <a href=\"https:\/\/www.equifax.com\/personal\/education\/credit\/score\/articles\/-\/learn\/what-is-a-good-credit-score\/\">from good to very good<\/a>.<\/p>\n<p>A higher credit score means a lower interest rate, which saves you money over the long term.<\/p>\n<p>In general, paying your bills on time and keeping your <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791\/#:~:text=Your%20debt%2Dto%2Dincome%20ratio,money%20you%20plan%20to%20borrow.\">debt-to-income ratio<\/a> below 45% (including your new mortgage payment) will keep your score in great shape!<\/p>\n<h3>16. Get help from a family member<\/h3>\n<p>If it\u2019s an option for you to get financial help from a family member, now is a good time to have that conversation. <a href=\"https:\/\/www.chase.com\/personal\/mortgage\/education\/financing-a-home\/gift-money-for-down-payment#:~:text=Lenders%20are%20less%20likely%20to,a%20loan%20to%20be%20repaid.\">Gift money<\/a> from relatives is often allowed, but loan regulations may require that it matures in your checking account for some time before it can be applied to your down payment.<\/p>\n<h3>17. Research down payment assistance programs<\/h3>\n<p>There are <a href=\"https:\/\/www.homelight.com\/blog\/buyer-down-payment-assistance\/\">programs nationwide<\/a> (and potentially locally) that can help you maximize your down payment \u2014 sometimes even in the form of a grant that you won\u2019t have to repay.<\/p>\n<p>Your lender or real estate agent will be able to offer suggestions, but you can start your search by Googling \u201cdown payment assistance [city, state]\u201d to see what\u2019s out there.<\/p>\n<h3>18. Don\u2019t give up!<\/h3>\n<p>The process of saving for a house down payment \u2014 especially in a short amount of time \u2014 will undoubtedly be less exciting than your usual way of life. But don\u2019t get discouraged! Remember, this is only temporary, and the sacrifices will be <i>so<\/i> worth it when you\u2019ve closed on your house.<\/p>\n<p>Keep your eye on the prize, save that cash, work with a <a href=\"https:\/\/www.homelight.com\/buying\">great agent<\/a> and a great lender, and know that you\u2019ve got this!<\/p>\n<p><em>Header Image Source: ( Ethan Howard \/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thinking about how to save for a house down payment? We\u2019re going beyond the everyone-knows-that tips to offer actionable advice that will help you save.<\/p>\n","protected":false},"author":152,"featured_media":28863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,620,624],"tags":[],"class_list":["post-28842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-buy-house","category-saving-up"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>18 Brilliant Tips on How to Save for A House Down Payment Fast<\/title>\n<meta name=\"description\" content=\"Thinking about how to save for a house down payment? 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