to put down on a 500,000 house? How is it possible? Do people really save up that much to put down? Just curious?
My FH and I will hopefully have very close to 100,000 to put down on a house in the coming months... I started saving with nothing in the bank and he had some money in the bank.. His parents are giving us about 25,000 but we're doing the rest.. I still honestly don't believe how i have been able to save.. I give myself a small allowance a week and save the rest.. I am a teacher and he's a cop in Queens, so it's not like we are bringing in the big bucks.. We aren't going to buy a house for that much, we are saving as much as we can so we dont have such a ridiculous monthly payment.. whenever i tell people they think we are crazy that we will have that much money to put down.. but we've had to sacrifice a lot and we will be engaged almost 1 and a half years when we buy a house..
We put down 3% on our 1st house.
Posted by belle31125
My FH and I will hopefully have very close to 100,000 to put down on a house in the coming months... I started saving with nothing in the bank and he had some money in the bank.. His parents are giving us about 25,000 but we're doing the rest.. I still honestly don't believe how i have been able to save.. I give myself a small allowance a week and save the rest.. I am a teacher and he's a cop in Queens, so it's not like we are bringing in the big bucks.. We aren't going to buy a house for that much, we are saving as much as we can so we dont have such a ridiculous monthly payment.. whenever i tell people they think we are crazy that we will have that much money to put down.. but we've had to sacrifice a lot and we will be engaged almost 1 and a half years when we buy a house..
Posted by christy
to put down on a 500,000 house? How is it possible? Do people really save up that much to put down? Just curious?
Posted by dgtlsunshine
Posted by belle31125
My FH and I will hopefully have very close to 100,000 to put down on a house in the coming months... I started saving with nothing in the bank and he had some money in the bank.. His parents are giving us about 25,000 but we're doing the rest.. I still honestly don't believe how i have been able to save.. I give myself a small allowance a week and save the rest.. I am a teacher and he's a cop in Queens, so it's not like we are bringing in the big bucks.. We aren't going to buy a house for that much, we are saving as much as we can so we dont have such a ridiculous monthly payment.. whenever i tell people they think we are crazy that we will have that much money to put down.. but we've had to sacrifice a lot and we will be engaged almost 1 and a half years when we buy a house..
Let's just make it easy and say that I give myself about 40 a week to get by.. that's it.. I still have a car, cell phone and college loans to pay back, but if we stick to this schedule, we are able to save a lot! I also used to go out with my friend every weekend and spend soo soo soo much money! Unfortunately I have had to eliminate this.. I still talk to them and see them, but I can't do the whole dinner/bar thing with the girls.. they are understanding and everything, but it still sucks! I have NEVER been a saver in my life.. for some reason I am obsessed with saving now.. Plus my FFIL is so obsessed with us havign money in the bank and I wouldn't want to dissappoint him!
You must provide some tips. I would love to know how you guys did this!!
It always blows my mind how so many people these days seem to have so much money available to buy these expensive homes. I wonder what they do, or how they were able to have so much saved! Our rent is low and we are not extravagant spenders and we make a good salary, but...somehow it's still a challenge to put away enough money that will make a dent in a down payment!
DH and I will be able to reach that down paymt amount in 13 more months, it is completely do-able, but tons of sacrafice. It is really important to me to be able to have the choice to stay at home with my babies, so we are taking our money to flordia and buying a great house. I can stay home because mortage will be affordable, the downside is no family in flordia, all in staten island. I will just have to take the trip up and stay 2 weeks at a time. We have lived with my family for 3 years now, it is not a dreamlife, but it is what we had to do to execute the plan. lol. We sold our cars, so we have had no car paymt or insurance paymts to make. we are competely out of debt. DH is a student/bartender, I am a admin asst. We pay for DH education. It can be done. sometimes I am pushing my little shopping cart home from the store and I just laugh. We went to college in florida, both bartenders, out all the time, brand new cars, great apartment, and now this. no pain, no gain.
Posted by lullabella
Our house was $455k we put down 10% and then had to pay for closing so in total it was $65k. We could have put down 20% but with the wedding and stuff we needed the money. Plus don't forget you have to buy furniture too. So instead of using high interest credit cards we opted to keep some cash in the bank.
You definately don't have to put down 20%, you can do a mortgage and a HELOC.
Good LUCK!
Posted by DjPiLL
Posted by christy
to put down on a 500,000 house? How is it possible? Do people really save up that much to put down? Just curious?
Don't forget to save an additional $20k for closing costs and initial expenses.
20K in closing costs? seriously? oh my God, for what? what are the costs?
Posted by Betty
Posted by lullabella
Our house was $455k we put down 10% and then had to pay for closing so in total it was $65k. We could have put down 20% but with the wedding and stuff we needed the money. Plus don't forget you have to buy furniture too. So instead of using high interest credit cards we opted to keep some cash in the bank.
You definately don't have to put down 20%, you can do a mortgage and a HELOC.
Good LUCK!
Would you mind me asking what your monthly payment is (approx)? Thanks
Posted by Jmg11
We planned on spending $500k on a house - but in the areas we liked, they were way more than that....so we ended up putting down 10% - mortgaging 80% and getting a home equity loan for the other 10%.
Where there is a will there is a way!!
(Our closing costs were also about $20k!)
