This was their biggest hurdle. To avoid private mortgage insurance (PMI), they wanted 20%, which on a $400,000 home was $80,000. Sarah pointed out they could put down as little as 3.5% ($14,000) with an FHA loan, but their monthly payments would be higher.
Leo and Mia sat at their kitchen table, surrounded by takeout boxes and a laptop screen glowing with Zillow listings. They had been "saving for a house" for three years, but every time they looked at the numbers, the goalposts seemed to move.
They closed on a modest cottage two months later. It wasn't the mansion they'd imagined, but it was theirs—and they still had enough money left over to fix the water heater when it gave out three weeks after move-in.
Leo and Mia looked at their $50,000. If they bought the $400,000 house: $20,000 (5%) Closing Costs: $12,000 (3%) Total Spent: $32,000
This was their biggest hurdle. To avoid private mortgage insurance (PMI), they wanted 20%, which on a $400,000 home was $80,000. Sarah pointed out they could put down as little as 3.5% ($14,000) with an FHA loan, but their monthly payments would be higher.
Leo and Mia sat at their kitchen table, surrounded by takeout boxes and a laptop screen glowing with Zillow listings. They had been "saving for a house" for three years, but every time they looked at the numbers, the goalposts seemed to move. how much money do you need to buy a house
They closed on a modest cottage two months later. It wasn't the mansion they'd imagined, but it was theirs—and they still had enough money left over to fix the water heater when it gave out three weeks after move-in. This was their biggest hurdle
Leo and Mia looked at their $50,000. If they bought the $400,000 house: $20,000 (5%) Closing Costs: $12,000 (3%) Total Spent: $32,000 Leo and Mia sat at their kitchen table,