{"id":99128,"date":"2025-03-11T13:28:25","date_gmt":"2025-03-11T20:28:25","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=99128"},"modified":"2025-07-14T11:23:51","modified_gmt":"2025-07-14T18:23:51","slug":"earnest-money-vs-down-payment","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/earnest-money-vs-down-payment\/","title":{"rendered":"Does Earnest Money Go Toward Your Down Payment? Find Out Here"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re in the process of buying a home, you\u2019ve probably heard about <\/span><i><span style=\"font-weight: 400;\">earnest money<\/span><\/i><span style=\"font-weight: 400;\"> and <\/span><i><span style=\"font-weight: 400;\">down payments<\/span><\/i><span style=\"font-weight: 400;\">. These are two key financial commitments buyers make during the homebuying process, but they serve different purposes. So, does earnest money go toward your down payment? In most cases, yes, but let\u2019s break it down in this Redfin article so you know exactly how it works.<\/span><\/p>\n<h2><b><i>Key takeaways:<\/i><\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Earnest money is a good-faith deposit that shows the seller you\u2019re committed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Earnest money is <\/span><i><span style=\"font-weight: 400;\">not the same<\/span><\/i><span style=\"font-weight: 400;\"> as a down payment, but it\u2019s usually applied <\/span><i><span style=\"font-weight: 400;\">toward <\/span><\/i><span style=\"font-weight: 400;\">your down payment at closing.<\/span><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-99129\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns.jpg\" alt=\"\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/new-construction-townhomes-with-manicured-lawns-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is earnest money?<\/span><\/h2>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/what-is-earnest-money\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Earnest money<\/span><\/a><span style=\"font-weight: 400;\"> is a deposit you make after your offer is accepted to demonstrate to the seller that you\u2019re serious about purchasing their home. Think of it as a good faith deposit &#8211; it reassures the seller that you\u2019re committed to following through with the transaction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While not legally required, earnest money has become a standard practice in real estate transactions. Whether you&#8217;re buying a <\/span><a href=\"https:\/\/www.redfin.com\/city\/5155\/CO\/Denver\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Denver<\/span><\/a><span style=\"font-weight: 400;\"> or a <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Atlanta<\/span><\/a><span style=\"font-weight: 400;\">, you\u2019ll likely need to put down earnest money as a sign of your commitment before making a down payment.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How earnest money works<\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Earnest money is typically 1-3% of the home\u2019s purchase price:<\/b><span style=\"font-weight: 400;\"> You submit it after the seller accepts your offer. Usually, it\u2019s paid within 3 days of signing the <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-purchase-and-sale-agreement\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">purchase agreement<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>It\u2019s held in an <\/b><a href=\"https:\/\/www.redfin.com\/blog\/what-is-escrow\/\" data-wpel-link=\"exclude\"><b>escrow account<\/b><\/a><span style=\"font-weight: 400;\">: A neutral third party (escrow company or <\/span><a href=\"https:\/\/www.titleforward.com\/tf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">title company<\/span><\/a><span style=\"font-weight: 400;\">) holds the funds until closing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>It\u2019s credited back to the buyer at closing:<\/b><span style=\"font-weight: 400;\"> If the deal moves forward, your earnest money is applied toward your down payment or closing costs.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">However, if you back out of the deal for reasons not covered by contingencies (such as inspection or financing), you may forfeit the earnest money to the seller.<\/span><\/p>\n<p><em><strong>&gt;&gt; Read: <a href=\"https:\/\/www.redfin.com\/blog\/earnest-money-vs-due-diligence\/\" data-wpel-link=\"exclude\">Earnest Money vs. Due Diligence in Real Estate: Key Distinctions Buyers Should Know<\/a><\/strong><\/em><\/p>\n<h2><span style=\"font-weight: 400;\">Does earnest money go towards the down payment?<\/span><\/h2>\n<p><b>Yes, earnest money is typically applied to your down payment at closing.<\/b><span style=\"font-weight: 400;\"> However, since earnest money is usually only 1-3% of the purchase price, it likely won\u2019t cover <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-down-payment-for-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">your entire down payment<\/span><\/a><span style=\"font-weight: 400;\">, so you\u2019ll need to bring the remaining amount when you close.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At closing, the escrow or title company transfers the earnest money to the appropriate party. If you\u2019re financing the purchase, the money is typically sent to your lender, who applies it toward your down payment.<\/span><\/p>\n<p><b>Here\u2019s an example:<\/b><span style=\"font-weight: 400;\"> Let\u2019s say you\u2019re buying a <\/span><b>$300,000 home and putting 10% down ($30,000)<\/b><span style=\"font-weight: 400;\">. If you already deposited <\/span><b>$6,000 in earnest money<\/b><span style=\"font-weight: 400;\">, you\u2019ll only need to bring an additional <\/span><b>$24,000<\/b><span style=\"font-weight: 400;\"> to closing for the remaining balance of the down payment. Keep in mind that this <\/span><i><span style=\"font-weight: 400;\">does not<\/span><\/i><span style=\"font-weight: 400;\"> account for additional <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\"> you\u2019ll need to pay for.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Can earnest money go towards closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, in some cases, earnest money can be applied to closing costs instead of the down payment. This usually happens in one of the following scenarios:<\/span><\/p>\n<p><b style=\"font-style: inherit;\">Your earnest money exceeds your down payment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If your required down payment is less than the earnest money you deposited, the extra funds will go toward closing costs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Example: Your down payment is $8,000, but you put $10,000 in earnest money. The remaining $2,000 will help cover expenses like loan origination fees, title insurance, and escrow costs.<\/span><\/li>\n<\/ul>\n<p><b style=\"font-style: inherit;\">You\u2019re using a no-down-payment loan<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re financing with a VA loan or USDA loan, which <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-house-with-no-money-down\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">don\u2019t require a down payment<\/span><\/a><span style=\"font-weight: 400;\">, your entire earnest money deposit can go toward closing costs instead.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Example: You\u2019re buying a home with a VA loan, and your earnest money deposit was $5,000. Since there\u2019s no down payment required, the full $5,000 will help cover closing costs, reducing what you owe at closing.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-99130\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome.jpg\" alt=\"interior living room overlooking patio in new construction townhome\" width=\"1200\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-1024x684.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-768x513.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-944x630.jpg 944w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/03\/interior-living-room-overlooking-patio-in-new-construction-townhome-449x300.jpg 449w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What happens to earnest money if the deal falls through?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You\u2019re likely wondering what happens &#8211; and who keeps &#8211; earnest money if the transaction falls apart. The answer depends on why the deal fell through and who backed out.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Buyer cancels without a valid reason<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If the buyer simply changes their mind or doesn\u2019t meet their contractual obligations without a valid reason, the seller typically keeps the earnest money. This serves as compensation for the time and effort the seller spent on the transaction and the inconvenience of removing the property from the market.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Buyer cancels for a valid reason (contingencies)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If the buyer cancels due to a valid reason, such as a failed home inspection, inability to secure financing, or a low appraisal, the buyer is usually entitled to a full <a href=\"https:\/\/www.redfin.com\/blog\/is-earnest-money-refundable\/\" data-wpel-link=\"exclude\">refund of their earnest money<\/a>. These reasons are typically spelled out as <\/span><a href=\"https:\/\/www.redfin.com\/blog\/top-home-buying-contingencies\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">contingencies<\/span><\/a><span style=\"font-weight: 400;\"> in the contract, giving the buyer a way out without losing their deposit.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Seller cancels or breaches the contract<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If the seller backs out or breaches the terms of the agreement, the buyer is generally entitled to a full refund of the earnest money. In some cases, the buyer might also be able to pursue further damages, depending on the situation.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Disagreements over earnest money<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If there\u2019s a dispute between the buyer and seller over who gets the earnest money, it may remain in escrow until the issue is resolved. If both parties can\u2019t agree, the funds may need to be handled through legal channels.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to protect your earnest money<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To avoid losing your earnest money if the deal falls apart, consider the following:\u00a0<\/span><\/p>\n<p><b>1. Include clear contingencies in the contract:<\/b><span style=\"font-weight: 400;\"> Make sure your contract includes contingencies that protect you if something goes wrong. Common contingencies include home inspection, financing, and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/appraisal-contingency-and-your-homebuying-journey\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">appraisal contingencies<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><b>2. Pay attention to deadlines:<\/b><span style=\"font-weight: 400;\"> Real estate contracts come with strict deadlines. If you miss key deadlines (like for <\/span><a href=\"https:\/\/www.redfin.com\/blog\/who-pays-for-the-home-inspection\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">inspections<\/span><\/a><span style=\"font-weight: 400;\"> or loan approval), you risk losing your earnest money. Be diligent about meeting all the required timelines.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><b>3. Keep documentation of all communications:<\/b><span style=\"font-weight: 400;\"> Always keep records of your communications with the seller or the seller&#8217;s agent. If a dispute over earnest money arises, having a clear paper trail can help protect your interests.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><b>4. Use an escrow account:<\/b><span style=\"font-weight: 400;\"> Ensure your earnest money is held in an escrow account, managed by a neutral third party. This protects both you and the seller, and ensures that the funds aren\u2019t released until all conditions are met. If there\u2019s a dispute, the money stays in escrow until it&#8217;s resolved.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn if your earnest money applies to your down payment and how to protect your deposit during the homebuying process.<\/p>\n","protected":false},"author":523,"featured_media":99130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,10756],"tags":[3621,34617,4007],"coauthors":[31388],"class_list":["post-99128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-featured-post","tag-finance","tag-home-buying-process","tag-home-buyer-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Does Earnest Money Go Toward Your Down Payment? | Redfin<\/title>\n<meta name=\"description\" content=\"Learn if your earnest money will apply towards your down payment, and how to avoid forfeiting your deposit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/earnest-money-vs-down-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Earnest Money Go Toward Your Down Payment? 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