How much cash do I need besides the down payment in Rochester?

The down payment is only one part

Your down payment does not cover every expense of buying a home. Plan separately for closing costs, expenses paid before closing, and the money you want left after moving. A larger down payment is not automatically a better choice if it leaves you unable to handle the first repair. Start with a written cash plan before choosing a price range.

Ask for a property-specific estimate

Ask your lender to explain the Loan Estimate, including lender charges, third-party services, prepaid expenses and escrow funding. Costs vary with the loan, property and closing date. For a Rochester-area home, ask the closing team to explain tax adjustments and any separate municipal or school bills. A national percentage can start a conversation, but it cannot tell you the exact amount to bring.

An example of the planning math

Here is an illustration, not a quote: a $300,000 purchase with a 5% down payment means $15,000 down. If your estimated closing expenses are $10,000, the starting cash requirement is $25,000 before accounting for deposits already paid, approved credits or other adjustments. Keep a separate line for moving and reserves. Have the lender reconcile your estimate so a deposit is not counted twice.

Make the next conversation specific

Bring three numbers to your planning conversation: available purchase cash, your preferred monthly housing budget and the amount you want untouched after closing. Ask which expenses are due early and which appear in final cash to close. Compare alternatives using both the monthly payment and the remaining savings. Ellison Realty can help organize the property questions while your lender confirms financing figures.

Further reading

• CFPB: Plan your down payment and closing costs