Knowing how much cash you will need to get into your next home is important
To help estimate your potential sales proceeds, you can use our dashboard and see if the move you want to make is one you can afford. If you’re planning to buy, here are some costs you can count on. Inside this article:
Down payment
Closing cost
Moving and repair cost
Down payment
Traditionally, 20 percent is the gold standard for down payments. If you have at least that much in equity from your current home, you’ll find more lenders to choose from, lower interest rates and you won’t pay any form of private mortgage insurance (PMI).
Closing costs
As a seller, you’ll pay anywhere from 3 to 6 percent of the sales price. Unless you can negotiate closing costs as part of your purchase contract, add that to your down payment when calculating what you’ll need.
Moving and repair costs
These can vary widely depending how far the move is, how much stuff you have, and how willing you are to enlist friends and family to help. For a professional move across country, you’ll be in it for thousands of dollars.