How Much Cash Will I Need to Buy a Home?

“How much do I need for a down payment?” is usually one of the first questions a homebuyer asks.

But the down payment is only one part of the cash you may need.

In this workshop, we’ll break the money side of buying a home into understandable pieces: your down payment, closing costs, prepaid expenses and escrow deposits, costs you may pay before closing, payment reserves, and the money you may want to have leftover after closing.

We’ll also discuss different ways buyers may be able to reduce the amount they need from their own savings, including gift funds, seller contributions, lender credits, and down-payment assistance programs.

Just as importantly, we’ll talk about why putting every available dollar into the down payment isn’t always the best choice. Moving expenses, repairs, appliances, furnishings, and unexpected expenses don’t disappear after closing.

The goal is to help you create a cash plan for the entire purchase, not just meet a minimum down-payment requirement.