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How Much Money Will I Have to Come Up With When Buying a Home?

Setting back enough money is a crucial part of buying a new home. Below is a summation of the costs associated with closing a deal.
Earnest Money DepositEarnest money deposits are used to ensure the seller that the prospective homebuyer is serious about their offer. The deposit amounts vary, but are usually around 1-3% of the home’s purchase price. If the sale goes through, the deposit is added toward your downpayment. In the case that you back out unexpectedly, the money is lost to the seller.
Down PaymentDown payments are the most expensive up front costs when buying a home. Some lenders will allow you to go as low as 5 or 3.5% on your down payment, but the ideal rate is around 10-20%. The higher your downpayment, the lower your future mortgage payments, so putting down as much as you can is important.
Closing CostsClosing costs are different from down payments, and can run higher than earnest money deposits. The closing costs include title insurance, taxes, property inspections, etc. Some sellers will pay the closing costs (or negotiate), but do not rely on this when calculating how much money you need. Closing costs range from 2-5% of the purchase price.
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