06/14/2026
“Gracie how much money do I actually need in the bank to buy a $400,000 house?”
✅ 3.5% down payment: about $14,000
✅ Closing costs: roughly $10,000 (can vary)
✅ Inspection: around $600
✅ Appraisal: around $500 (sometimes this can be rolled into the loan)
✅ Emergency fund: I recommend keeping at least $5,000–$10,000 set aside after closing for unexpected repairs or expenses.
Total recommended cash on hand: approximately $30,000–$35,000.
💡 Bonus tip: There are down payment assistance programs available that can help reduce the amount of cash you need to bring to closing. And in some situations, you can negotiate for the seller to pay part or all of your closing costs, though that isn’t always an option.
The good news? You don’t have to have all of this saved overnight. Start setting aside what you can now—even small amounts add up faster than you think, and future homeowner you will be glad you started today!
