This is the first question most first-time buyers ask me, and it is a good one. The honest answer is that it depends on the price of the house and the loan you use. What does not change is the list of things you need to be ready for: a down payment, earnest money when we go under contract, inspections during the inspection period, an appraisal, and closing costs on the day you get the keys.
I work with first-time buyers in Kansas City and the surrounding areas. I cannot quote your exact number until a lender looks at your file and we pick a price range. I can tell you what those line items usually look like, so you are not surprised later.
Down payment
Plan for a down payment somewhere between 0% and 20% of the purchase price. Some loan programs allow very little down. Others work better if you put more in.
Zero down is not a guess I make for you. It depends on the loan, your eligibility, and what a lender can actually approve.
If you are a first-time buyer in Missouri, there may also be down payment help through the Missouri Housing Development Commission. I wrote that up separately in Missouri first-time buyer and down payment assistance.
A larger down payment can lower your monthly payment and may change whether you pay mortgage insurance. A smaller down payment can get you into a home sooner if saving 20% would take years.
There is not one right answer. There is the answer that fits your budget and how long you plan to stay.
Earnest money
When your offer is accepted, you will put down earnest money. In the contracts I write, that is typically about 1% to 5% of the purchase price, due at contract.
It shows the seller you are serious. It is not an extra fee on top of the house. If you close, it is credited toward what you bring to closing.
You can lose earnest money if you miss a deadline, including the inspection deadline. That is why I am careful about dates once we are under contract. I cover the details in earnest money, inspections, and closing costs.
Inspections
Inspections are how you learn what you are buying. Typical costs I see are about $400 to $500 for a whole-home inspection, about $130 for radon, about $100 for termite, about $200 for a sewer scope, and about $300 for a structural inspection if we need one.
You do not always order every extra test. We pick based on the house, its age, and what the first report turns up.
Appraisal and closing costs
If you are financing, the lender will order an appraisal. Plan for about $500 to $700.
Closing costs are a separate bucket. For buyers I work with, a common range is about $7,000 to $12,000, paid at closing.
That number moves with the loan amount, the lender fees, prepaid taxes and insurance, and what we negotiate in the contract. It is a range, not a quote.
How I help you add it up
Here is the simple way I walk through it.
Take a house price you can live with. Estimate a down payment percent with your lender. Add earnest money of about 1% to 5% (remember, that usually comes back toward your cash to close).
Add inspection costs from the list above. Add an appraisal of about $500 to $700. Then add closing costs of about $7,000 to $12,000.
That is the cash picture, before any assistance program or seller credit.
I work with Kaden Roller as a lender. You can use someone you already trust. Either way, a pre-approval is what turns this list into your number, not a blog post and not an online calculator that does not know your file.
If you want to compare loan types while you do the math, read FHA vs conventional for first-time buyers. If money is the main stress point, the credit score guide and the step-by-step timeline will help you see what happens next.
Questions I hear a lot
Can I buy a house with no money saved?
Sometimes a loan program or assistance can reduce what you bring to closing, even down to 0% in some cases. That is not a promise.
A lender has to run your actual file. I can help you get that conversation started.
Does earnest money come back to me?
If you close, it is credited toward what you owe. If you miss a deadline, such as the inspection period, you can lose it. If you terminate the way the contract allows, the contract says what happens next.
Why do closing costs vary so much?
Loan amount, lender fees, prepaids, and credits in the contract all change the total. That is why I use a range of about $7,000 to $12,000 instead of one number for every buyer.
Should I keep extra cash after closing?
Yes if you can. A house will need something after you move in, even a well kept one. I would rather you close comfortably than empty every account to stretch the price.
If you are buying your first home, we can walk through it together.
No pressure to sign anything on the spot. Just a conversation about your budget, timeline, and what you actually want.