How to Actually* Save for a Down Payment

Buying a home is a big financial move, and it all starts with one key step: coming up with a down payment. That chunk of change might feel out of reach right now, but the truth is, most buyers don’t put 20% down—and you probably don’t need to either.

In fact, according to a recent Zillow survey, 72% of buyers using a mortgage saved their down payment over time. The most common loan type (a conventional loan) only requires 5% down for first-time buyers. On a $360,000 home, that’s $18,000.

Let’s walk through a few real-world ways to get there—whether you’re planning ahead or trying to save fast.

1. Know Your Number

Before you can save, you need a goal. Figure out how much house you’re aiming for, then work backward.

• Option A: Use Zillow’s Down Payment Calculator. Plug in a price, pick your down payment percentage (say 5% or 10%), and it’ll give you the amount.

• Option B: Start with your savings ability. If you know you can stash away $200/month, Zillow’s BuyAbility tool can show you what price range that supports, factoring in today’s rates.

Either way, knowing your number gives you a target—and that makes the whole process feel a lot more doable.

2. Pay Yourself First

The easiest way to save is to make it automatic. Set up a recurring transfer from checking to a separate savings account just for your future home. A high-yield savings account will help your money grow while it waits.

Just be sure to balance your monthly budget—cover bills, groceries, and leave a little room for life. Then move what’s left straight into savings.

Example: Saving $100/month for 5 years adds up to $6,000. That’s a great start, especially if you combine it with other strategies below.

3. Look Into Down Payment Assistance

You might not have to do this alone.

There are local, state, and nonprofit programs that offer down payment help—grants, forgivable loans, or matching contributions—especially for first-time buyers or lower-income households.

Your agent or lender should know what’s available, or you can search the Down Payment Resource Center.

FHA loans and other programs often work hand-in-hand with these assistance options.

4. Cut Expenses (For Now)

You don’t have to give up everything, but a few smart moves can help your savings grow faster.

→ Downsize or get a roommate. Smaller rent = more to save. Even a few months of lower housing costs can help.

→ Cancel stuff you’re not using. Subscriptions, streaming services, unused memberships. Trim the fat and bank the difference.

→ Adjust your lifestyle (temporarily). Skip the bar tab, rent a movie instead of going out, buy secondhand instead of new. Every $20 saved is $20 closer to your new place.

Just make sure the savings go straight into your down payment fund—not back into spending.

5. Add a Side Hustle

Extra income = faster progress.

• Drive, deliver, walk dogs, freelance—whatever fits your schedule.

• Got skills? Offer services like lawn care, photography, tutoring, social media, etc.

• Even an extra $100–200/month can make a big difference over time.

6. Ask for Help (Tactfully)

Family support can go a long way. Nearly 4 in 10 buyers used gifts or family loans toward their down payment.

If you’re getting married or celebrating a milestone, consider asking for cash gifts toward a “home fund” instead of traditional presents. It’s becoming more common—and more people are open to helping if they know it’s going toward your first home.

Bottom Line

Saving for a down payment isn’t always easy, but it’s doable with a plan—and a little creativity. Whether you save over time, reduce your spending, pick up a side gig, or tap into available programs, you’ve got options.

The important thing is to start. Even small steps now can add up to big results later.