Assuming that you want to purchase a $300,000 house and have mortgage payments around $1,500 to $1,800 a month, you may be able to buy a house with as little as $18,000. If you have $27,000 you are even more likely to be able to purchase a $300,000 house.
Here’s a breakdown of how that money will be used:
Add these together and you’re at $18,000
In addition to the core expenses, here are some other considerations:
Add these together and you’re at $9000.
That puts us at a working budget of $27,000 – or a need to save up $75 per day for one year to purchase a house.
If you are starting from scratch, you’ll need to save between $50 and $75 per day for one year. That’s somewhere between $18,000 and $27,000. Our estimate will allow you to purchase a $300,000 house and have mortgage payments somewhere in the range of $1500 - $1800 per month depending on your interest rate.
Yes!
Break your goal into a budget you can manage.
You may need more than one year to save up. For example, if you saved $20 per day, you’d be ready to purchase a house in 3.5 years.
For purposes of calculation, we used a $300,000 house in Baltimore City being purchased with a conventional loan that requires a 3% down payment. The estimates we are providing are to stimulate your thinking.
When you are ready, we’re ready. Let’s have a conversation about your vision.
It’s never too soon to plan to purchase a home.