Save for a home: Here's how much money you need for a house — and how to budget.

"How much do I need?" That's the first question out of every first-time homebuyer's mouth, according to Aaron Schwartz, a real estate agent with Branches Realty in Washington, D.C.

The rule of thumb, he said, is that you typically need 20% of the purchase price for a down payment, and can count on paying 2% to 5% of the purchase price in closing costs

But many people actually need a lot less for their down payment. And — surprise! — they often need more for closing costs.