How Much Money Do You Really Need to Buy a House?   Buying a home is one of the most exciting — and often one of the most overwhelming — milestones in life. If you’re wondering how much money you need to buy a house, you’re not alone. Whether you're a first-time buyer or planning your next move, understanding the upfront costs will help you feel more confident and prepared. Let’s break it down step-by-step. 1. Down Payment The down payment is typically your biggest upfront expense. Conventional loans often require 3% to 20% down. FHA loans can go as low as 3.5% down. VA loans and USDA loans may offer 0% down options for qualified buyers. Example:For a $400,000 home: 3% down = $12,000 5% down = $20,000 20% down = $80,000 Tip: The more you put down, the lower your monthly payment and private mortgage insurance (PMI), if required.    2. Closing Costs Closing costs typically range from 2% to 5% of the home’s purchase price and include fees for: Loan origination Title insurance Appraisal Escrow services Recording and transfer taxes For a $400,000 home, expect $8,000 to $20,000 in closing costs.Sometimes, you can negotiate with the seller to cover part of these costs.   3. Earnest Money Deposit (EMD) When you make an offer on a home, you’ll often submit an earnest money deposit to show you’re serious. This is typically 1% to 3% of the purchase price and is credited toward your down payment or closing costs at closing.   4. Inspections and Appraisals Before closing, you’ll pay out of pocket for: Home Inspection: $300–$600 Appraisal: $400–$700 Optional inspections (pest, roof, mold, etc.) depending on the home and location   5. Moving Costs & Initial Setup Don’t forget about: Moving services or truck rental New furniture or appliances Utility deposits Homeowners insurance (required by lenders) Prepaid property taxes and escrow reserves   So, What’s the Bottom Line? Here’s a rough estimate for a $400,000 home: Expense Low Estimate High Estimate Down Payment (3–20%) $12,000 $80,000 Closing Costs (2–5%) $8,000 $20,000 Inspections & Appraisal $700 $1,200 Moving & Setup $1,000 $5,000 Total Needed $21,700 $106,200   Ready to Buy? You don’t need to figure it all out alone. As a Tampa Bay Realtor, I can guide you through affordable loan options, grants, and strategic planning to help you reach your goal — whether you’re buying your first home or your forever home. Contact me today for a personalized home buying budget breakdown. Let’s turn your dream of homeownership into a reality.