First purchase with a planned down payment
The price you’re targeting, the cash you actually hand over at closing, and what’s left after. We look at all three together.
Situation
You’re buying your first property and you don’t want to empty your account on closing day. That’s a sound way to look at it.
The starting figures
- Available savings
- $82,000
- Observed price
- $425,000
- Funds reserved for costs
- $12,000
- Reserve after purchase
- $15,000
What the figures tell us
The point isn’t to put every dollar of your savings into the down payment. I have to be able to show where each amount came from, while leaving you enough cash for closing, tax adjustments, moving, and the first repairs.
Options to compare
We compare two things: buying with the minimum down payment, or aiming a bit lower and keeping a reserve after closing.
The trap to avoid
A recent transfer, a gift, or an investment withdrawal usually calls for extra evidence. Talk to me before you move the money: once the trail is muddied, it takes far longer to document.
The decision to make
Set a maximum viewing price that protects your reserve. We then confirm the down payment you’ll use.