Real numbers — down payment, closing costs, and reserves broken down for every loan type in 2025
This is the #1 question first-time buyers ask — and the answer is almost always better than people expect. Here's exactly what you need depending on your loan type, with real San Diego numbers.
The upfront percentage of the purchase price you pay at closing. This ranges from 0% (VA) to 20%+ (conventional) depending on your loan.
Lender fees, title insurance, escrow fees, prepaid property taxes and insurance. In San Diego, these typically run 1.5%–3% of the purchase price. Sellers can contribute up to 4–6% toward your closing costs depending on the loan type.
Most lenders want to see 2–3 months of mortgage payments in savings after closing. This doesn't get spent — it just needs to be in your account.
| Loan Type | Down Payment | Closing Costs | Total Needed |
|---|---|---|---|
| VA Loan | $0 | $8,000–$12,000 (seller can pay) | $0–$12,000 |
| FHA (3.5%) | $22,750 | $9,750–$13,000 | $32,500–$35,750 |
| Conventional (5%) | $32,500 | $9,750–$13,000 | $42,250–$45,500 |
| Conventional (10%) | $65,000 | $9,750–$13,000 | $74,750–$78,000 |
| Conventional (20%) | $130,000 | $9,750–$13,000 | $139,750–$143,000 |
On a $650,000 home with a 7% interest rate (approximate 2025 rate):
Add property taxes (~1.2% of value = ~$650/mo) and homeowner's insurance (~$100–$150/mo) for total housing payment.
Every buyer's situation is different. Let us run the real numbers for your target price, income, and credit score — free, no obligation.
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