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  • Writer's pictureRebecca Richardson - Mortgage Consultant

How Much It Can Cost To Buy a Home & How To Start Saving

Buying a home is more than the down payment.

But not everyone likes to talk about it, so let’s dive in.

There are 2 major financial considerations you need to make when assessing how much it’ll cost to close on your home.

First, the down payment can be as low as 0-5% for a primary home.

It’s easy to assume it’ll be 20-30% but based on the route you choose, it can be lower than you think. This is an important question to ask your lender.

Second, there are a variety of closing costs to keep in mind.

From lender fees to appraisal to title company fees and property taxes and insurance reserves that can vary from 1-5% depending on your state, you’ll need to have the funds available to cover everything before closing.

And if that still sounds like a lot, here are some tips you can take to start saving up for what you need.

Check your budget for subscriptions and other expenses you don’t need. Allocate that money to savings instead. You can try looking over your credit card statements and highlighting any repetitive charges you see that can be turned off.

Sell things you don’t use or enjoy anymore like household items, clothes, etc. Not only will this save up room in your closets and home but also can lead to thousands of dollars in extra money to use towards your home.

Use extra income from a recent raise or side hustle or part-time job to boost savings. There are many options from online freelancing platforms to opportunities in your neighborhood to make extra money for your home purchase.

Figuring out the financing when you’re buying a home can be overwhelming, so if you’re ready to have some support, you can contact my team for a free consultation at (

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