If you want to buy a home for around 300 000 and you can t qualify for a loan program that requires no down payment you ll need at least 10 500 to 15 000. The down payment amount you pay varies by the loan program.
Much of the discussion on how much money you need to buy a house revolves around down payment and credit score requirements but that s an incomplete way of assessing the cost.
How much money does one need to buy a house. A good rule of thumb is to have 10 of the purchase price in savings. 5 percent 15 000 interest rate. Existing home sales jumped 20 7 in june at an annual rate of 4 72 million according to the national association of realtors meanwhile new home sales surged 13 8 percent in june to a seasonally.
Closing costs for a loan is generally between 2 and 3 percent of the loan amount. The monthly payment would be 1 400 per month including escrow. If you are buying a home for 200 000 and need a 10 down payment the total amount of cash that you may need to provide or at least show looks something like this.
The total cash needed to buy a 200 000 home is roughly 16 250 about 8 of the purchase price. You may want to paint make some cosmetic changes and buy furniture. As you can see you could need more than 1 5 times your down payment to successfully close on a house.
So at the end of the day how much income you need to purchase a home is predicated on your monthly income consumer debt obligations and down payment. Bera suggests putting 5 000 to 10 000 into a home. You ll also need closing costs and other fees which typically run between 2 and 5 of the purchase price.
To buy a house you ll need enough money for the down payment and the closing costs. Gross monthly income needed. The first year your house is probably going to need a little love.
On a 200 000 loan this means you could potentially pay 6 000 to close on the loan.