How much money should you have saved before buying a house?

Saving 20% of your income could catapult you into purchasing a home in the next one to three years, depending on your market. For example, if you‘re earning $96,000 per year, that’s $19,200 saved after one year. It’s $38,400 after two years and $57,600 after three.

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In this way, is it worth putting 20 down on a house?

Good reasons to put down at least 20% include: You won’t have to pay for mortgage insurance. Your monthly payment will be lower. You’ll likely earn a lower mortgage interest rate.

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