I will freak out if I actually have to write a $550k check.
March 1, 2011 9:33 AM Subscribe
How much cash do you actually have to part with when buying a house? How many other fees and charges are there on top of the down payment?
posted by tylerkaraszewski to home & garden (42 answers total) 24 users marked this as a favorite
I am looking to buy my first house, so I've never done this before. I've gone and saved up some money, and I'm actually proud of the fact that I have $35,000 in the bank -- it feels like an accomplishment. But I live in coastal California, and so the house I want to buy is approximately $550,000 (an exact final price isn't set). I should be able to avoid fees dealing with real estate agents, because I'm currently already living in this house and am going to attempt to buy it directly from my landlord. What else do I have to worry about? I hope I can put 5% down, which is about $27,500. That leaves me about $7,500 left in my savings account to cover all the other fees and things, "closing costs" (whatever those are), etc.
Does that seem possible? Can I actually buy a house like that? How much money will I need? Can I put just 5% down (I think I can, right)?
I have yet to talk to lenders about this. I'd like to have as much general knowledge as possible going into the whole thing.
What else do I need to know? Do I need more money?