How much money do I need beyond the down payment?

Plan for several costs on top of the down payment. Closing costs are usually the largest: lender charges, appraisal and credit-report fees, title and escrow services, prepaid property taxes and homeowners insurance, and interest up to your first payment. Consumer guidance from Freddie Mac describes closing costs as commonly a few percent of the purchase price, but the real figure depends on the loan, the property and what is negotiated — your lender’s Loan Estimate lists them for your specific loan.

Expect an earnest money deposit when your offer is accepted — a good-faith deposit that is normally credited toward your purchase at closing. Budget for a home inspection, which you pay for directly, and for moving, utility set-up and any immediate repairs. Depending on the loan program, the lender may also want to see savings left over after closing.

Ask your lender early for a written estimate so nothing surprises you on the day. The Closing guide lists what to bring and what to check.