Hey folks, Art here. When you picture buying a home, you may already have a down-payment goal in mind. Before you put every saved dollar toward that number, let’s leave room for the rest of the move.
Whether you’re looking at a brick ranch in Tucker, a condo in Decatur, or another home around Atlanta, I’d start with three questions: What will I need before closing? What will I bring to closing? And what will I have left afterward?
Before closing: know when money will leave your account
Some expenses arrive before you get the keys. Ask your real estate agent and lender which payments are due early and which will appear in your final closing figures.
- Inspections: Allow for the home inspection and any additional evaluations appropriate for the property. An appraisal and a home inspection serve different purposes; ask what each covers.
- Earnest money: Your contract may call for a deposit. It is generally credited toward the purchase at closing, rather than being an extra down payment. Have your agent explain the contract’s deadlines and what could put that deposit at risk.
- Other early charges: Ask whether an appraisal or another service must be paid before closing. Keep a record so you don’t budget for the same payment twice.
At closing: ask for the full cash-to-close picture
Your down payment is the part of the purchase price you contribute rather than borrow. Closing costs are separate transaction expenses. Depending on the loan and property, your estimate may include lender fees, title services, an appraisal, recording charges, prepaid interest, insurance and initial escrow funds.
For most standard purchase mortgages, the CFPB’s Loan Estimate explainer (opens in a new tab) helps you locate the projected closing costs and estimated cash to close. That cash-to-close calculation takes account of items such as your deposit and applicable credits. It is more useful than simply adding every number on the page.
Closer to closing, compare those estimates with your Closing Disclosure (opens in a new tab). Ask about changed amounts, unfamiliar fees and how much you actually need to provide. Don’t rely on a generic online estimate as the final number for your home.
After closing: give yourself room to settle in
Think through your first few weeks in the house. Will you need movers or a rental truck? Utility setup? New locks? A repair before you move in? Separate what needs to happen immediately from furniture and improvements that can wait.
Then look at the ongoing household budget. Include taxes, insurance, any association dues, utilities, upkeep and savings for unexpected repairs. Some expenses may be collected with your mortgage payment and others paid separately. Avoid counting them twice, but don’t leave them out.
If you want a clearer breakdown, read what’s included in a mortgage payment. The CFPB also has a useful homebuying budget guide (opens in a new tab).
Two questions buyers often ask
Can the seller help with closing costs?
Sometimes. A negotiated seller contribution may cover eligible costs, subject to the contract and loan-program limits. It isn’t guaranteed. Ask your agent and lender to review the whole offer, including the price and which costs the credit can actually cover.
Should I put all my available savings down?
That deserves a closer look at your situation. Compare the down payment, loan terms, monthly expenses and cash you would keep. A plan that leaves nothing for a repair or life change may feel very different once you move in.
Let’s work through your numbers
Bring the address you’re considering, your questions and a comfortable monthly budget. We can talk through the financing side while you gather property-specific estimates from the right professionals. If you’re still building your search plan, here are practical questions for buying a home around Atlanta.
Call 404-909-3567 or visit Art Wood Mortgage. We can start with the questions you have today…you don’t need to have everything figured out.
Art Wood | Mortgage Loan Originator | NMLS #118234
Luminate Bank | NMLS #1281698 | Member FDIC | Equal Housing Lender
For general education only, not individualized financial, tax or legal advice or a commitment to lend. Loan availability and approval depend on borrower, property and program requirements. Actual costs and permitted seller contributions vary by transaction. Consult appropriate professionals about your circumstances.
Adapted from Luminate Bank’s “The Down Payment Isn’t the Whole Budget: What It Really Costs to Buy a Home,” supplied in the November 2, 2026 marketing package. Additional consumer guidance is linked above.
