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How Much Money Do You Need to Buy a House?

Published January 30, 2021 by Carrie

If you’re buying a home for the first time, or just haven’t done it in a while, you might be wondering what expenses to expect during the course of purchasing your next home. Here’s a quick summary based on when you’ll need to pay for these items.

Before Closing

Earnest Money
You’ll need to write a check for earnest money when you make an offer. Most often, it’s around 1% of the purchase price. This money is credited towards your down payment at closing.

Inspection
A typical home inspection will be around $400. If you want to do additional specific inspections (e.g. radon test or sewer scope) those will add to this number. You’ll need to pay for any inspections at the time of service.

Appraisal
Most lenders require the appraisal to be paid for it is ordered, shortly after you’re under contract. Plan on $600-800.

At Closing

Down Payment
Depending on your loan, you may do as little as 0% down or you may choose to put down 20% or more.

Closing Costs
$4-6k is fairly typical, but purchase price, loan type, and lender choice all impact this. Additionally, you’re sometimes able to negotiate for the seller to help with these costs. Since most closing costs are lender driven, make sure to ask your lender for an estimate up front!

Agent Commission
$0 (see our magazine for details)

After Closing

Mortgage Payment
Your first mortgage payment is typically due on the 1st of the month, after the first full calendar month, after closing. For example, if you close on April 20, your first payment is due June 1.

More About Circa Real Estate Group

Jeremy Isaac

Broker/Owner

Carrie Isaac

Marketing

Amy Bloyer

Client Care

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Listings by Circa Real Estate Group

8356 Needle Drop

For Sale | $499,900

3512 Calderwood

Sold | $394,800

17655 Table Rock

Sold | $1,500,000

Contact Us

(719) 231-9043

jeremy@circagroup.com

11508 Shaugnessy Rd.
Colorado Springs, CO 80908

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