Costs to buy a house in Missouri | Missouri closing costs | Missouri house buying calculator | Homeownership costs | How to save when buying a home in Missouri
The average home buyer in Missouri spends between $19,079 and $67,258 when purchasing a $234,924 home — the state median value.
Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.
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Average cost to buy a house in Missouri
| Expense | Amount |
|---|---|
| Earnest money deposit (1-3%) | $2,349 to $7,048 |
| Down payment (3.5-20%) | $8,222 to $46,985 |
| Cash reserves | $2,155 to $3,233 |
| Closing costs (1.96%) | $4,613 |
| Inspection | $244 |
| Appraisal | $244 |
| Moving | $1,250 to $4,890 |
| Total | $19,079 to $67,258 |
Buyer closing costs in Missouri
While the other costs to buy a house in Missouri are pretty transparent, Missouri closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Missouri closing costs you'll likely pay when buying a home.
| Closing cost | Amount |
|---|---|
| Closing fee | $235 |
| Recording fee | $97 |
| Title service fees | $533 |
| Origination fee | $1,175 |
| Underwriting fee | $600 |
| Discount points | $1,879 per point |
| Lender's title insurance | $95 |
| Owner's title insurance | Typically paid by seller |
| Prorated property tax | Varies |
| Transfer tax | No transfer tax in Missouri |
| Total | $4,613 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.Cost to buy a house in Missouri calculator
Ongoing costs of homeownership in Missouri
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Missouri homeowner, this is between $102 to $346 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Missouri
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
2. Participate in home buyer programs Missouri
Buyers in Missouri may find Missouri Housing Development Commission’s programs helpful for making homeownership affordable. It offers three home buyer programs:
- First Place Loan Program: gives first-time homebuyers and qualified Veterans either favorable loan rates or cash assistance for down payment and closing costs
- Next Step Program: offers eligible buyers a fixed-rate loan and the option for down payment and closing cost assistance
- Mortgage Credit Certificate: provides eligible borrowers a non-refundable federal tax credit of 25 percent of the total amount of mortgage interest they pay each year. You can apply for this in addition to the Next Step Program as well.
There are also a lot of county- and city-specific programs available if you buy in select areas — the HUD lists several you can choose from throughout the state based on your location.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Having an expert agent on your side can ensure you win the negotiating battle with the seller.
Clever can help match you with a knowledgeable, hyper-local agent that knows the ins and outs of how to save you money on your local fees. And best of all, our service is totally free!
Finding a great local realtor is the first step in making your home buying dreams a reality. Our free service matches you with top agents from trusted brands like Keller Williams and RE/MAX.
Enter your zip code to request hand-picked agent matches in minutes. Compare your options until you find the perfect fit, or walk away with no obligation. Try Clever's free service today!
