Rich Burghgraef
REALTOR® | Broker | Team Leader
919-378-1125

How much cash do I actually need to buy?

Your down payment is only part of it. Plug in your numbers to see every dollar you'll need, when it's due, and what gets credited back at closing. The starting numbers are placeholders, so swap in your own as you get them.

The home and your loan

Purchase price

Down paymentConventional can start at 3%, FHA at 3.5%, and VA at 0%.

Interest rateUse the rate from your lender.

Paid early

Due Diligence and Earnest Money are credited back to you at closing. They're not extra costs, just early ones.

Due Diligence FeePaid directly to the seller at contract.

Earnest Money DepositHeld in escrow, usually within a few days.

Home inspectionPaid to the inspector during due diligence.

AppraisalOften paid up front to your lender.

SurveyOptional. Ask your closing attorney.

Closing costs

Lender feesOrigination, underwriting, credit report.

Attorney / settlement feeNC closings are handled by an attorney.

Title insuranceLender's and owner's policies.

Recording feesRecording your deed of trust.

Prepaids and escrow

Money you pay ahead for things you'd owe anyway, like your first year of insurance and a cushion for property taxes.

Days of prepaid interestDays from closing to month end. Closing later in the month means less.

Homeowner's insurance, per yearYour first year is usually paid at closing.

Property taxes, per yearCheck the county tax records for the home.

Months of taxes held in escrow

Months of insurance held in escrow

HOA

Transfer or working capital feeOne-time fee many HOAs charge buyers.

Monthly HOA duesUsed for a prorated payment and your monthly estimate.

Credits

Seller concessionsHelp toward your costs negotiated in the offer.

Lender or builder creditsIncentives shown on your Loan Estimate.

In North Carolina

The seller pays the excise tax (revenue stamps), and a real estate attorney handles your closing.

Keep a cushion

Final numbers move with your closing date, tax prorations, and insurance quotes. Plan to have a little more than this estimate.

Wire fraud warning

Never wire money based on an email alone. Call your closing attorney at a number you already know to confirm wiring instructions.