How Much Does It Cost to Buy a House in Montana?

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By Kristy Snyder Updated April 1, 2024


Costs to buy a house in Montana | Montana closing costs | Montana house buying calculator | Homeownership costs | How to save when buying a home in Montana

The average home buyer in Montana spends between $34,269 and $123,231 when purchasing a $448,238 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.

Luckily, Clever Real Estate can help make buying a home more affordable. Working with a Clever agent means you'll not only get great service from start to finish, but you could also be eligible for up to 0.5% cash back after closing. That's about $2,241 back on an average-priced home in Montana!

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

✅ Work with a full-service realtor from a top broker

✅ Eligible buyers can get cash back

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Average cost to buy a house in Montana

Expense Amount
Earnest money deposit (1-3%) $4,482 to $13,447
Down payment (3.5-20%) $15,688 to $89,648
Cash reserves $4,796 to $7,193
Closing costs (1.69%) $7,570
Inspection $250
Appraisal $233
Moving $1,250 to $4,890
Total $34,269 to $123,231
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Buyer closing costs in Montana

While the other costs to buy a house in Montana are pretty transparent, Montana 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 Montana closing costs you'll likely pay when buying a home.

Closing cost Amount
Closing fee $448
Recording fee $95
Title service fees $600
Origination fee $2,241
Underwriting fee $600
Discount points $3,586 per point
Lender's title insurance Typically paid by seller
Owner's title insurance Typically paid by seller
Prorated property tax Varies
Transfer tax N/A
Total $7,570
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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 Montana calculator

Ongoing costs of homeownership in Montana

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 Montana homeowner, this is between $195 to $660 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 Montana

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 Montana

There are several home buyer programs in Montana you may be eligible for. First-time homebuyers can partake in Montana Housing’s down payment assistance programs, provided they are first eligible for its Regular Bond Loan Program.

There is also MoFi’s down payment assistance program, which can cover the entire downpayment of those working with a participating HomeNow lender. You may also find a local program in your city or county — check out the HUD website for a list of some of the most prominent ones.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

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