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How Much Money Do I Need to Buy a House?
Between the down payment, earnest money, and closing costs, buyers often wonder how much cash they actually need to get started. Here is a clear breakdown of each component and how they relate to each other.
Video coming soon
The key takeaways are below in the meantime.
Written by Bri Bond-Erwin
Key Takeaways
- The cash needed to buy a home includes a down payment, earnest money at offer time, and closing costs due at closing
- Down payments typically range from 3% to 20% or more of the purchase price, depending on the loan type
- Earnest money is submitted with your offer and credited toward your total at closing. It is not an additional expense on top of everything else
- Closing costs cover lender fees, title charges, prepaid insurance and taxes, and other transaction expenses
- Some buyers receive seller concessions or lender credits that reduce how much they personally bring to closing
- Getting pre-approved early helps you understand your real budget and plan accurately before you start shopping
Transcript will be available when the video is recorded.
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