How Much Cash Do You Need?
There are three general categories of funds to consider when buying a home: Up-Front Costs, Down Payment, and Closing Costs. A general rule of thumb is to have 3–6% of the purchase price available in total, on top of your down payment. Enter your numbers below to see your own estimate — your lender is always the best source for an exact figure.
Money Needed During the Process
Before you ever get to the closing table, you'll need cash on hand to cover a few costs during the process itself — your earnest money deposit, home inspection(s), appraisal, and credit report. It doesn't matter which loan program you use or how much you're putting down; these are paid out of pocket along the way.
- Earnest Money Deposit$0
- Home Inspection(s)$0
- Appraisal$0
- Credit Report$0
- Estimated Up-Front Cash Needed$0
This is a general planning estimate, not a quote. Actual inspection, appraisal and credit report fees vary by provider, home size and loan program.
Cash to Close
Cash to Close is the total amount of money you'll need to bring with you when you sign the paperwork on Settlement Date. It's your down payment plus closing costs and any other fixed fees, minus deposits and credits you've already accounted for — like the earnest money deposit above and any seller credits negotiated in your offer.
- Down Payment$0
- Closing Costs $0
- Other Fixed Fees$0
- Earnest Money Deposit−$0
- Seller Credits−$0
- Estimated Cash to Close$0
Your credits exceed your estimated costs above — that's uncommon. Double-check your numbers, and ask your lender what happens to any excess credit (it typically cannot be paid out to you in cash).
Your lender is the best source for an exact Cash to Close estimate — the final amount isn't determined until right before you sign, and depends on your loan program, the date you close, and prepaid/prorated items like taxes and insurance.