Estimate the total you will need to bring on closing day, not just the down payment.
Purchase
$
%
%
Closing costs
% of loan
$
Prepaids and escrow
days
$
% / yr
months
months
Credits
$
$
Your cash to close
Estimated cash to close
$0
Closing costs, prepaids and escrow
$0
Down payment—
Loan amount—
Lender fees and points—
Title and other fees—
Prepaid interest—
Prepaid homeowners insurance—
Escrow deposits—
Minus earnest money and credits—
How this is calculated
Cash to close = down payment + lender fees and points + title and other fees + prepaid interest + prepaid insurance + escrow deposits − earnest money − credits.
Cash to close is your down payment plus closing costs, prepaid items and the initial escrow deposit, minus money you have already paid (your earnest money deposit) and any seller or lender credits. It appears on page 2 of your Loan Estimate and final Closing Disclosure.
Prepaid interest covers the days from closing to the end of that month. Lenders usually collect the first year of homeowners insurance and a cushion of a few months of taxes and insurance for your escrow account. Your figures will depend on your state, lender and closing date. Wire fraud is common around closing: confirm wiring instructions by phone using a number you already know.
Common questions
Why is cash to close higher than my down payment plus closing costs?
Because of prepaid interest, the first year of homeowners insurance and the escrow deposit. Those are not fees, but they are cash you bring to closing.
How can I lower my cash to close?
Negotiate seller credits, compare lender fees, close near the end of the month to reduce prepaid interest, or look into down payment assistance programs.
When will I know the exact amount?
Your lender must give you the Closing Disclosure at least three business days before closing, with the final cash to close.