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How to Buy Your Home Without a Mortgage

When it comes to home buying, Dave is a huge fan of the 100%-down plan—paying cash for your home. A lot of Dave's Facebook fans like this plan, too, and have paid cash for their homes. So we asked them for their advice on how to make it work.

We received many comments from people who thought paying cash for a home is an unrealistic goal. Others wondered if it's worth the sacrifice. But Ashley Sublett said she doesn't want to buy a home with cash just because it's a better deal. For her, it's about peace of mind. "I will feel more freedom to do as I please, rather than worry about the next (visit from) Murphy (unexpected emergencies) potentially threatening my home."

It Won't Be Easy…

It's clear from the advice we received that paying cash for a home is the result of hard work and discipline—there's no magic pill to make it quicker or easier. Here's how our fans have reached the goal:

  • Start small. Many homeowners like Michelle Cavazos Zamora bought small homes they paid off quickly. They sold their starter homes and paid cash for the next one.
  • Pay as you go. Barry Castle built his home himself over six years, paying cash as he went. He only paid $77,000 for his home that now appraises for $250,000.
  • Save and invest­. Russ Toeller and his family had the patience to save and invest for 10 years to buy their home. He's now retired from the military with no bills!
  • Sweat equity. Cynthia Vahovic and her husband bought a fixer-upper for $14,000 and spent nine months fixing it up. "Standing on your deck feels different when it's all yours!" she said.
  • Look for options. Marianne Cascone and her husband sold their too-large home and are living in his grandmother's old home until they save enough to pay cash. She said their friends felt worse about their sacrifice than they did. "We've never been happier and can focus on the important things now."

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…But It's Worth It!

With the right perspective and lots of disciplined saving, just about anyone can pay cash for a home. Beau Froese started saving his money right out of high school and bought his home for cash at age 28!

Even Holly Gann Shadrick and her husband, who were $90,000 in debt five years ago, just paid cash for their own home. "It needs lots of work, but it will be so worth it not to have a house payment!"

Buy Your Home With Expert Advice

If you're ready to buy a home, save time and money by consulting a real estate professional. Dave's real estate Endorsed Local Providers (ELPs) are experts in your area, and they will give you the same great advice Dave would. Contact your ELP today.

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Ramsey Solutions

About the author


Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.

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