What is the exact cash needed at closing?

Your cash to close equals: down payment + closing costs + prepaids (prepaid interest, insurance) + escrow reserves (initial escrow deposit) minus earnest money already paid minus any seller credits minus any lender credits. The Closing Disclosure you receive 3 days before closing shows the exact line-by-line breakdown.

What is the difference between a wire transfer and cashier's check at closing?

Most title companies require a wire transfer for large closing amounts (typically over $10,000). Wire transfers are confirmed in real-time but cost $25-$50 in bank fees. Cashier's checks are cheaper but not accepted for large amounts in most states. Always confirm with your title company which methods they accept before closing day.

Does earnest money reduce my closing day cash?

Yes. Your earnest money deposit (EMD) is credited back to you on the Closing Disclosure. It reduces the amount you need to wire at closing dollar-for-dollar. For example, if you owe $80,000 at closing and paid $5,000 in earnest money, you only need to wire $75,000 on closing day.

How do I send a wire for closing safely?

Always verify wire instructions by calling the title company at a number you find independently (not from the email). Confirm the account and routing numbers digit-by-digit verbally. Send the wire at least 24 hours before closing. Never trust wire instructions sent only by email — wire fraud targeting homebuyers costs over $1 billion annually per the FBI.

What are prepaids and escrow reserves at closing?

Prepaids include prepaid mortgage interest (from closing date to the end of the month) and your first year of homeowner's insurance paid upfront. Escrow reserves are an initial deposit into your escrow account — typically 2-3 months of property taxes and homeowner's insurance — so the account has a buffer for upcoming payments.

Closing Day Cash Calculator

Calculate the exact wire amount you need on closing day. Enter every line item — down payment, closing costs, prepaids, escrow reserves, earnest money, and credits — for your precise cash-to-close figure.

Transaction Type

Down Payment

Closing Costs

Prepaids

Escrow Reserves

Earnest Money Paid

Seller Credits

Lender Credits

Cash Needed at Closing (Wire Amount)

$76,100

Wire this exact amount to the title company

Down Payment: $70,000

Closing Costs: $8,500

Prepaids: $2,400

Escrow Reserves: $3,200

Total Debits

$84,100

Total Credits

$8,000

Earnest Money Credit

−$5,000

Seller + Lender Credits

−$3,000

Advanced

Wire vs Check & Adjustments

Wire fee comparison, earnest money credit detail, and last-minute prorations

Most title companies require a wire transfer for large amounts. Cashier's checks are accepted only for smaller amounts or in certain states.

Wire Transfer

$77,085

Wire fee: $35 (from your bank)

Base amount: $77,050

Required for: >$10,000+ at most title companies

Cashier's Check

$77,050

No wire fee

Often NOT accepted for large amounts

Accepted for: <$10,000 or small closing differences

Wire fraud warning: Always verify wire instructions by calling the title company at a number you find independently — NOT the number in the email. Never trust wire instructions sent by email alone. Wire fraud costs homebuyers $1B+ per year (FBI IC3).

Timing: Send your wire at least 24 hours before closing. Wires received after 2pm may not post until the next business day, delaying your closing.

Pro

Refi Analysis & Closing Timeline

Cash to bring vs cash from lender for refis, funding timelines by state, and wire confirmation process

For a refinance, you may bring cash to close OR receive cash from the lender (cash-out). Model both scenarios.

Refi Closing Costs

Cash-Out Amount

Lender Credits

Rate-and-Term Refi

Bring $4,500

Closing costs: $4,500

Lender credits: $0

No cash-out; balance may change slightly

Cash-Out Refi

Receive $0

Cash-out requested: $0

Less net closing costs: $4,500

Increases your loan balance

Right of Rescission: On a refi of your primary home, you have 3 business days to cancel after signing. Cash from a refi is not released until after this 3-day window expires — typically funded on day 4.

How to Use This Closing Day Cash Calculator

Select your transaction type (Purchase or Refinance). For a purchase, enter your Down Payment, Closing Costs, Prepaids, Escrow Reserves, Earnest Money Paid, Seller Credits, and Lender Credits. The calculator subtracts all credits from all debits to give you the exact wire amount.

Use the Advanced Wire vs Check tab to see the wire fee and compare payment methods. The Earnest Money tab shows a full line-item settlement table. The Last-Minute Adjustments tab lets you add prorations that arrive right before closing. The Pro tabs cover refi cash-in vs cash-out, funding timelines by state, and a step-by-step wire confirmation process.

Cash to Close Formula

Total Debits = Down Payment + Closing Costs + Prepaids + Escrow Reserves
Total Credits = Earnest Money Paid + Seller Credits + Lender Credits
Cash to Close = Total Debits − Total Credits

Prepaids = Prepaid Interest (days to month-end × daily interest rate) + First Year Insurance
Escrow Reserves = 2-3 months Property Tax + 2-3 months Homeowner's Insurance
Wire Amount = Cash to Close + Wire Transfer Fee ($25–$50)

Example: $400,000 Purchase — Exact Cash to Close

$400,000 Home — 20% Down — $5,000 Earnest Money — $6,000 Seller Credits

Down Payment (20%)	$80,000
Closing Costs (est.)	$9,200
Prepaids (interest + insurance)	$2,800
Escrow Reserves (3 months)	$3,600
Total Debits	$95,600
Earnest Money Credit	−$5,000
Seller Credits	−$6,000
Cash to Close (Wire Amount)	$84,600
Wire Fee (add separately)	+$35
Total Wire	$84,635

Note: the exact number comes from your Closing Disclosure (3 days before closing). This calculator gives an accurate estimate — always verify the final line-by-line CD before wiring.

Frequently Asked Questions

The Closing Disclosure (CD) is a 5-page form required by RESPA Section 4 and TILA that itemizes every charge on your mortgage closing. Under the TRID rule (TILA-RESPA Integrated Disclosure), your lender must provide the CD at least 3 business days before closing. Review it line by line against your Loan Estimate — significant differences in fees require re-disclosure and a new 3-day waiting period.

Prepaids include: (1) Prepaid mortgage interest — interest from your closing date to the last day of that month (because your first payment is due on the 1st of the month after next); and (2) Homeowner's insurance first-year premium, paid upfront. The further from the end of the month your closing is, the higher your prepaid interest. Closing late in the month minimizes this cost.

Escrow reserves are an upfront deposit into your escrow account to ensure it has a sufficient balance when your first large disbursements occur (typically property taxes). Under RESPA, lenders may require no more than 2 months of escrow payments as an initial deposit above the amount needed to pay upcoming bills. This cushion prevents escrow shortfalls.

The FBI's Internet Crime Complaint Center (IC3) reports that real estate wire fraud costs Americans hundreds of millions of dollars annually. To protect yourself: (1) Always call the title company at a number you look up independently to verify wire instructions; (2) Confirm account and routing numbers verbally, digit by digit; (3) Never trust wire instructions received only by email; (4) Send the wire at least 24 hours before closing.

Settlement (closing) is when you sign all the loan and purchase documents. Funding is when the lender releases funds to the title company. Recording is when the deed and mortgage are filed with the county recorder's office, making the transfer of ownership official. In "wet closing" states (Texas, Florida), you typically get keys at the table same day. In "dry closing" states (California, Washington), funds are released only after recording, which can be the same day or the next day.