General Question

Tchalla's avatar

I'm planing on buying a house next summer. How much should I save each paycheck biweekly?

Asked by Tchalla (20points) February 27th, 2008 from iPhone

tired of paying rent

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2 Answers

cwilbur's avatar

As much as you can.

Look at house prices in your area. The closer you can get to putting 20% down, the better off you’ll be—the less trouble you’ll have getting a mortgage and the fewer other annoyances you’ll have to deal with.

YARNLADY's avatar

Save every cent that you don’t need for absolute necessities, such as food or utilities. Do not eat out, do not buy any clothes, furniture, or other household items or have any unnecessary medical/dental work.

Buying a house always results in unexpected expenses, so save way beyond the normal 20% downpayment.

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