Plan for down payment, closing costs (2–6% of purchase price), upfront inspection and appraisal fees, and prepaid property taxes and insurance. On a $350K home with 5% down, total cash needed typically runs $28K–$35K — not just the $17,500 down payment alone. Most buyers underestimate by $8K–$15K.
Down Payment — Which Structure Fits Your Cash
Conventional: 3%–20%. Five percent is typical for buyers who want to preserve cash without letting PMI dominate the payment. FHA: 3.5%. VA and USDA: zero down for qualifying buyers. On a $350K home, that's $10,500 (3%) to $70,000 (20%). Larger down payment lowers your monthly payment and eliminates PMI above 20%, but trades liquidity for savings. Know your loan type before you set a down payment target.
Closing Costs — The Number Nobody Mentions Upfront
Closing costs run 2–6% of purchase price, due at closing, separate from your down payment. On a $400K home, that's $8K–$24K. Covers: loan origination, title search, title insurance, escrow setup, recording fees, prepaid interest, and discount points if applicable. Seller concessions can cover part of this — it's common in the current 76179 market. Ask your agent what's realistic to negotiate before you assume you're paying all of it yourself.
Upfront Costs During the Contract Period
Earnest money: 1%–2% of purchase price, applied to your down payment at closing. Home inspection: $300–$600 standard, more for sewer scope or specialty items. Appraisal: $300–$500. Option fee (Texas-specific): $100–$500 for the right to terminate during the option period. All of these are paid before closing — most are non-refundable if you walk without valid cause. Budget them from day one, not from contract day.
Ongoing Monthly Costs After Closing
PITI: principal, interest, taxes, insurance. At 76179's average home value (~$325K), taxes alone run $550–$600/month. Homeowners insurance adds $150–$300 depending on coverage. PMI adds 0.5%–1% of the loan annually on conventional loans below 20% down. HOA fees range from $0 to $500+/month depending on neighborhood. Run all of this before you decide on a purchase price ceiling — not after you're under contract.
Cash-to-Close — What It Actually Looks Like
$250K / FHA 3.5% down: ~$8,750 down + ~$7,500 closing costs minus $2,500 earnest = ~$13,750 to close. $350K / conventional 5%: ~$17,500 down + ~$14,000 closing costs minus $3,500 earnest = ~$28,000. $400K / conventional 10%: ~$40,000 down + ~$16,000 closing costs minus $4,000 earnest = ~$52,000. $450K / VA 0% down: ~$0 down + ~$13,500 closing costs minus $4,500 earnest = ~$9,000. These are estimates. Request a Loan Estimate from your lender early — that's your actual number.
What You Can Negotiate — and What Buyers Consistently Underestimate
Negotiable: seller concessions toward closing costs (up to loan limits — 3–6% depending on loan type), lender credits in exchange for a slightly higher rate, home warranty paid by seller, repair credits in lieu of seller doing work pre-closing. What buyers underestimate: escrow shortage adjustments in year two as taxes and insurance go up, move-in costs (movers, cleaners, immediate repairs, furniture), and ongoing maintenance. 81% of homeowners say total costs were higher than expected. Budget at least $200/month beyond your mortgage payment as a maintenance reserve.
Common Questions
How much cash do I need to buy a $350K home in 76179?
With 5% down ($17,500), add $10K–$21K in closing costs and prepaids minus earnest money (~$3,500 applied toward down payment). Total cash to close typically runs $24K–$35K. VA or USDA buyers can get there significantly cheaper if they qualify.
Can the seller pay my closing costs in 76179?
Yes. Seller concessions toward closing costs are common in the current 76179 market. Limits depend on loan type: 3–6% for conventional, up to 6% for FHA, no cap on standard closing costs for VA. Ask your agent to structure the offer to include a seller credit if cash-to-close is your constraint.
What is the option fee in Texas and do I lose it if I cancel?
The option fee is a Texas-specific fee paid to the seller for the right to terminate for any reason during the option period. Typically $100–$500, paid directly to the seller. If you cancel during the option period, you lose the option fee. Your earnest money is refunded. If you cancel after the option period, you risk losing earnest money too.
Are there first-time buyer programs that help with costs in Tarrant County?
Yes. TSAHC and TDHCA offer down payment assistance and some closing cost help for qualifying buyers. Eligibility depends on income, purchase price, and other factors. A local lender familiar with Texas programs is the right starting point — not a national bank's website.
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