How Do I Save for a Down Payment

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How Do I Save for a Down Payment

1. Set a Clear, Realistic Goal

Start by knowing how much you actually need. Your down payment could be as low as 3% to 5% of the purchase price, depending on your loan type. So if you’re buying a $300,000 home, that could mean $9,000 to $15,000. Once you’ve got your number, set a deadline and break it into monthly savings goals—this turns a big dream into an achievable plan.

2. Trim the Budget (Without Feeling Deprived)

You don’t have to give up everything you love—but small sacrifices add up fast. Try:

  • Skipping takeout once a week
  • Canceling unused subscriptions
  • Buying generic instead of name brand

Redirect those savings straight into your down payment fund. Bonus tip: stash windfalls like tax refunds or work bonuses to supercharge your progress

3. Automate Your Savings for Consistency

The easiest way to save is to set it and forget it. Schedule automatic transfers from your checking to a dedicated savings account every payday. Even $100 per week adds up to $5,200 a year—and you probably won’t even miss it.

Want a Custom Down Payment Plan That Fits Your Budget?

📘 Download our free “First-Time Buyer Game Plan” eBook — includes a savings tracker and budget template
💬 Chat live now with our team to get a down payment estimate based on your local market
📞 Schedule a call to create a personalized savings strategy with a Stairway Mortgage expert

At Stairway Mortgage, we help you start strong—
because every big move starts with a smart plan.

Ready to Take Your First Step?

Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.

  • Takes just 5 minutes
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