How much do you suggest saving?

Question

My husband and I are saving to buy a house in about 4 years. I know we're getting a late start on it, but we're working on it. How much do you suggest having in savings? I want enough to cover the down payment, to paint or put in new carpet if I need too, and have something left over, in case something goes wrong, like our AC goes out or something. We want a four bedroom place in North East Oklahoma

Answer 1

It really depends on what type of house you are buying. Let's say you are looking at houses that cost $250K. You will save in costs if you can put down 20% yourself. That is $50K down payment. You should also have an emergency fund for repairs which should be about $10K. You'll also have many unexpected costs and fees when buying a new house, and for this I would recommend saving $2,500.
In this example, you should save $62,500. If you have 4 years (48 months to save), you should be putting aside about $1,300 per month.

Answer 2

try to save at least 5K