Upfront Home Costs Add Up – Especially if Downpayment is Included

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Posted To: MND NewsWire

Two Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home. Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $26,641 (in Cleveland) or $202,834 (San Jose.) That headline number however is a little misleading. The study looked at the one-time fees that homebuyers can expect as they close and move into those homes, and the largest chunk is, of course, the downpayment . In their analysis the two companies estimated the amount needed for a 15 percent downpayment on a typical U.S. home ($32,700 in July 2018) plus additional costs. First there are closing costs, including the origination fee, appraisal, transfer taxes, title insurance, the first year of homeowners…(read more)

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