What’s the difference between a down payment and closing costs?

Down payments vs cash to close. The down payment is our skin-in-the-game. But it’s different from cash to close. The real amount needed to close is the down payment plus all settlement costs, minus your earnest money deposit and any credits from the lender, seller or other parties. You can find this figure on page 1 of the closing disclosure form (CD) given to you by the lender.

Best Answer: Cash to close is all of your closing cost plus the down payment required by the lender Closing costs is all the money it cost the buy to due the transaction, not including the down payment. Such as escrow fees, lenders points, origination fee, MPI, credit check, pre-paid taxes and insurance, transfer tax, documentation fees, pre-paid interest. notary fees, etc.

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In this video I discuss the difference between a Down Payment and Closing Costs associated with a purchase of a home. As a Realtor, explaining what Closing Costs to folks are the most surprising.

Both the down payment amount and closing costs are required at the same time, at the closing table and lumped together into one large payment. The settlement sheet, after any credits such as the earnest money deposit or seller contributions are tallied, has a final amount owed by you, the buyer.

Typically closing costs end up being between two and six percent of the mortgage amount. This means that if you invest in a $200,000 home you could pay as much as $12,000 in total closing costs so it’s definitely beneficial to have someone covering these costs for you.

What is the difference between an escrow deposit, a down payment, and closing costs? Watch here to find out! I promise, they really are three different things!

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The Major Difference As you can see, the main difference between the down payment or Minimum Required Investment and the closing costs is the investment in the property. closing costs have nothing to do with investment in the property and you do not recoup those costs after selling the home down the road.

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