Cash to Close and First-Year Home Cost Calculator
Cash to close is the amount still due on closing day. Start with your down payment, closing costs, and prepaid items. Subtract applicable credits and any deposit already credited on your disclosure. Your first-year budget adds ongoing housing expenses and includes the deposit you paid earlier.
Compare your costs
How much cash do you need for a $350,000 home?
In this example, $37,000 is still due at closing. You have $42,000 in total upfront costs after credits, including $5,000 already paid as a deposit.
| Item | Amount |
|---|---|
| Down payment | $35,000 |
| Closing costs excluding prepaids | $7,000 |
| Prepaids and initial escrow | $3,000 |
| Applicable credits | −$3,000 |
| Deposit already credited | −$5,000 |
| Cash still due | $37,000 |
With the default inputs, the first-year planning budget is about $73,143. That includes $42,000 upfront and about $2,695 per month for principal, interest, taxes, insurance, mortgage insurance, and maintenance. It subtracts $1,200 of prepaid expenses already included in the ongoing budget.
How the first-year estimate works
FinToku calculates monthly principal and interest on a fixed-rate, fully amortizing loan. It adds monthly mortgage insurance and HOA dues plus one-twelfth of the annual tax, insurance and maintenance inputs. The first-year estimate combines upfront cash and 12 monthly budgets, then subtracts any prepaid taxes or insurance counted twice. Enter only the confirmed overlap. Initial escrow reserves may still be cash you need at closing even if they are not the same as an expense already counted in your annual budget.
This is a planning budget, including a maintenance reserve. It excludes moving, utilities, major repairs, variable rates, lender-specific credit limits and changes to insurance or tax bills. Compare the actual documents for each home.
CFPB Closing Disclosure explainer · CFPB Loan Estimate explainer
Questions about cash to close
Does earnest money reduce what I pay on closing day?
Enter it as a deposit only if your disclosure shows it credited toward closing. The deposit remains part of your total cash spent buying the home.
Can I subtract the whole seller credit?
Use the amount the lender or closing agent confirms can be applied to your eligible costs. A quoted credit can differ from the amount shown on the final disclosure.
Why can the cheaper home cost more in the first year?
Compare the cash upfront and ongoing costs separately. HOA dues, taxes, insurance or maintenance can offset a lower price.
Homebuying cost guides
- Reconcile a deposit on your Closing Disclosure
- Compare a seller credit with a price reduction
- Estimate the first year beyond the mortgage payment
- Budget HOA dues alongside the mortgage payment
- Model prepaid interest when the closing date moves
- Estimate the gap if closing fees increase
- Separate an escrow deposit from the annual tax budget
- Model a smaller usable credit
- Cash to Close on a $350,000 Home
- Compare First-Year Cash Costs for Two Homes
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