How much money do I need to buy a house?
Plan for your down payment (often 3% to 20% of the price), closing costs (often 2% to 5% of the loan), earnest money at offer time, and a cushion for moving and repairs. ListingCraft for Buyers adds up your cash to close live as you set your offer price, down payment and earnest money.
Earnest money is usually credited back to you at closing, but you need it in hand when your offer is accepted. Lenders may also want to see reserves left over after closing.
The offer screen in ListingCraft for Buyers breaks cash to close into down payment, closing costs, prepaids and your earnest credit so you know the number before you send anything.