How much cash do I need to close on a conventional loan?
Cash to close = down payment + closing costs + prepaids + escrow setup, less seller credits, lender credits, and earnest money already paid. On a typical Florida conventional purchase with 5% down, plan for 7-10% of the purchase price total — earnest money already paid counts toward that.
Plain-English explanation
Components: down payment (3-25% by occupancy), closing costs (2-4% of price), prepaid property taxes and insurance (varies by close date and county), initial escrow deposit (1-3 months of taxes + 2 months of insurance), per-diem interest. Earnest money paid earlier is already in escrow and counts toward the total. Seller credits and lender credits subtract. The Closing Disclosure shows the final cash-to-close figure 3 business days before closing.
What can change the answer?
Title and escrow fees, Florida doc stamps, intangible tax, prepaids, lender fees, and any seller or lender credits can change cash to close.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Closing Costs
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.