How to save for a house as a couple
The down payment is only part of it. Here is what the full number includes, how long different monthly amounts take, and how two people who keep separate money can save toward one home.
Checked October 22, 2026
What you are saving for
When people search for how to start saving for a house, they usually mean the down payment. The CFPB's home buying guide splits it into more pieces than that, and the other pieces catch people out.
- The down payment. The part of the price you pay yourself. The rest is the loan.
- Closing costs. Fees due when you sign, apart from the down payment. The CFPB says they typically run 2 to 5 percent of the purchase price, and depend on the price, your down payment, the lender, the loan type and where you live.
- Moving and the first weeks. The CFPB tells buyers to set money aside for initial home costs like repairs, furniture and setting up utilities.
- A cushion after. The CFPB says to keep at least 3 to 6 months of expenses in reserve, so one surprise in the new house does not become a credit card balance.
Add all four and you have your goal. The mortgage payment is a separate matter: it comes out of your monthly budget after you buy.
How much to save for a house: down payments by loan type
The minimum depends on the loan. These are the floors the agencies publish. A lender can ask for more.
| Loan | Lowest down payment | What else the source says |
|---|---|---|
| Conventional | Typically at least 3%; many lenders want 5% or more | The CFPB says with less than 20% down you will typically need mortgage insurance. |
| Freddie Mac Home Possible | As low as 3% | Income is limited to 80% of the area median. Mortgage insurance can be canceled at 20% equity. Education is required if all borrowers are first-time buyers. |
| FHA | As low as 3.5% | Allows lower credit scores than most conventional loans. Mortgage insurance on every FHA loan. |
| VA | Low or zero | For veterans, servicemembers and surviving spouses. |
| USDA | Zero | For low to middle income buyers in rural areas. |
The CFPB adds that putting down at least 10 percent can save you money and at least 20 percent saves the most. It also says lenders usually price in 5 percent steps, so being a little short of a step, like 8 percent instead of 10, typically earns you nothing. That is a useful thing to know when you are choosing a target.
What it comes to on a $350,000 home
Here is the arithmetic for a made-up price. Swap in your own.
| Percent down | Down payment | Closing costs (2% to 5%) | Together |
|---|---|---|---|
| 3% | $10,500 | $7,000 to $17,500 | $17,500 to $28,000 |
| 5% | $17,500 | $7,000 to $17,500 | $24,500 to $35,000 |
| 10% | $35,000 | $7,000 to $17,500 | $42,000 to $52,500 |
| 20% | $70,000 | $7,000 to $17,500 | $77,000 to $87,500 |
Closing costs are the piece people forget, and at 2 to 5 percent they can equal a whole second down payment. Add your cushion and moving money to the total, then use the bottom of the range if you want a goal you will hit and the top if you want some room.
How to save up for a house: months at each monthly amount
Take your goal and divide by what you can put in each month. This table does that for three goals, with no interest counted, so it is slightly pessimistic if your savings account pays something.
| Saved each month | $20,000 | $40,000 | $70,000 |
|---|---|---|---|
| $500 | 40 months (3.3 years) | 80 months (6.7 years) | 140 months (11.7 years) |
| $1,000 | 20 months (1.7 years) | 40 months (3.3 years) | 70 months (5.8 years) |
| $1,500 | 14 months (1.1 years) | 27 months (2.2 years) | 47 months (3.9 years) |
| $2,000 | 10 months (0.8 years) | 20 months (1.7 years) | 35 months (2.9 years) |
If the number looks far away, there are only three levers. Save more each month, aim at a smaller goal (a lower price or a smaller down payment), or take longer. Looking at a lower-down-payment loan from the table above is a real option, as long as you also price the mortgage insurance that comes with it.
Saving for a house when you keep your money separate
You do not have to merge your accounts to buy a home together. What you need is one plan you both can see and agree to. The parts:
- Agree on one goal and one date. Use the table above to get a monthly amount for the two of you together.
- Decide how it splits. Many couples who earn different amounts split by income, so each puts in the same share of what they bring home. If one of you takes home $6,000 a month and the other $4,000, a $1,500 monthly goal splits 60 and 40: $900 and $600. Our split calculator does the arithmetic, and splitting bills by income explains the method.
- Pick where it lives. Either one savings account that both of you put into (and can both see), or each of you saves in your own account and you pool it at closing. One account is easier to watch. Two keeps each person's part clear. See joint bank accounts for couples for the trade-offs.
- Talk about names. Whose name is on the savings account, on the loan and on the deed can matter a great deal if you part ways or one of you dies, and the rules differ by state and by whether you are married. We can't tell you what is right for you. Check with a local attorney before you buy, and write down what each of you put in.
Where to keep house savings
You want the money safe, easy to reach on closing week, and a little bit annoying to spend. A savings account at an FDIC-insured bank fits that. The FDIC says deposits are automatically insured to at least $250,000 at each FDIC-insured bank. If your goal is near or above that, ask the bank or the FDIC how coverage works for your accounts.
Open it as its own account with its own name, like “House”, and set a transfer to run the day your paycheck lands. Rates change, so compare them yourself. Money you will need in a few years usually stays out of stocks, because a drop right before closing can't be waited out.
Keep the emergency fund separate
The CFPB's advice is to keep a cushion of at least 3 to 6 months of expenses on top of your down payment. If you spend the emergency fund on the house, the first repair or job loss after you move in lands on a credit card. Keep them as two accounts with two goals. Our guide on how much to hold in an emergency fund gives the figures, and sinking funds covers setting aside a little each month for costs you know are coming, like the roof or the water heater you will own soon.
Questions people ask
How much should I save for a house?
The CFPB says a down payment of at least 3 percent of the price is typical, that many loans and lenders want 5 percent or more, and that 10 and 20 percent save you more. Add closing costs of 2 to 5 percent of the price, plus moving, repairs and a cushion. On a $350,000 home, 5 percent down plus average closing costs is about $17,500 plus $12,250, or $29,750.
How do I start saving for a house?
Pick a price range, work out the down payment and closing costs for it, and divide by the months you want to take. Open a savings account used only for this, and have a transfer move money in right after each paycheck. If you are two, agree first on how much each puts in.
How long does it take to save for a house?
It depends on the price and what you put in each month. A $40,000 goal takes 40 months at $1,000 a month, or 20 months at $2,000. The table above shows more combinations.
Do we have to put 20 percent down?
No. The CFPB says you will typically need mortgage insurance with less than 20 percent down on a conventional loan, which adds to the monthly cost, but not that 20 percent is required. FHA loans go as low as 3.5 percent and Freddie Mac's Home Possible as low as 3 percent. VA and USDA loans can need nothing down.
Where should we keep house savings?
Somewhere safe that you can reach when the offer is accepted. A savings account at an FDIC-insured bank fits: deposits are insured to at least $250,000 at each insured bank. Money you need in a few years is not usually put in the stock market, because prices can fall right when you need it.
Can we save for a house if we keep separate accounts?
Yes. Each of you can pay into one account you both can see, or each save in your own and pool it at closing. Many couples that earn different amounts put in by income, so the larger earner puts in more. Who owns the money and whose names go on the deed are legal questions that depend on your state, so check with a local attorney.
Sources
6 sources · read October 22, 2026
Every number on this page comes from consumerfinance.gov, myhome.freddiemac.com and fdic.gov. If a source has changed since, the source is right.
- 1CFPB: Determine your down payment (at least 3 percent typical, many lenders 5 percent or more, 10 and 20 percent save more, closing costs 2 to 5 percent of price, keep 3 to 6 months of expenses)consumerfinance.gov
- 2CFPB: FHA loans (down payment as low as 3.5 percent, mortgage insurance on every FHA loan)consumerfinance.gov
- 3CFPB: Conventional loans (mortgage insurance typically needed under 20 percent down)consumerfinance.gov
- 4CFPB: Special loan programs (VA and USDA loans with low or zero down payments)consumerfinance.gov
- 5Freddie Mac: Home Possible (as low as 3 percent down, income limited to 80 percent of area median, mortgage insurance can be canceled at 20 percent equity)myhome.freddiemac.com
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