If you’re dreaming about buying a home in Massachusetts—whether it's a charming Cape in the suburbs, a condo in Greater Boston, or a cozy spot on the South Shore—you’ve probably already started thinking about your down payment.
And if you're like most buyers, you're wondering:
"How much do I really need... and how do I even start saving for that?"
Let’s break it down.
💰 First: It’s Not Just the Down Payment
Many buyers plan for the standard down payment—usually anywhere from 3% to 20% depending on your loan type and financial situation. But what a lot of folks don’t realize is that you'll also need an additional 3%–5% of the purchase price for closing costs.
So, for example:
On a $500,000 home, that could mean:
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$15,000+ for a 3% down payment
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$15,000–$25,000 in closing costs
That’s a lot of cash upfront—and why planning ahead is so important.
🧠 Smart Ways to Start Saving
Here are a few tried-and-true strategies I’ve seen work for buyers right here in Massachusetts:
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Set up a separate “Home Fund” savings account.
Automate transfers from every paycheck—even if it’s $50 at a time. It adds up faster than you think. -
Cut (or pause) extra expenses.
Streaming services, subscriptions, or big weekend plans can sneak up on your savings goals. -
Explore down payment assistance programs.
Massachusetts offers several first-time homebuyer assistance options, and some towns even have local grants! -
Increase your income stream.
Whether it’s a side hustle, selling items you don’t use, or a few extra hours at work—put that extra money directly into your home fund.
🏦 Work with a Lender Early—Even if You're Not Ready to Buy Yet
One of the BEST steps you can take is to talk to a lender as soon as you think you might want to buy. A great lender will help you:
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Understand your budget
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Break down exactly how much you’ll need
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Identify loan programs that fit your unique situation
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Create a realistic savings timeline
I work closely with a fantastic local lender who’s great at simplifying the process—contact us if you would like an intro or Check out our Preferred Vendor List to view our trusted partners.
👉The Jenkins Group Preferred Vendor List
🔑 Thinking of Buying in 2025?
Whether you're planning to move now, in 3 months, or even a year from now—having a game plan is a total game-changer.
As a local agent who knows the Massachusetts market inside and out, I’m here to help you:
✅ Understand your options
✅ Set a smart savings strategy
✅ Connect with trusted lenders
✅ Get you fully prepared to buy confidently
Let’s chat and create a plan that works for you—no pressure, just real guidance. 📲
Questions? Want to talk next steps?
Reach out anytime! I’m always happy to help, even if you're just in the early stages.
