If Nico's home purchase is $625,000 with closing costs of 5%, how much money should he bring to closing?

To determine how much money Nico should bring to closing, we first need to calculate the total closing costs based on the purchase price of the home. The closing costs are stated to be 5% of the home’s purchase price.

1. Calculate the closing costs:

• Closing costs = 5% of $625,000

• Closing costs = 0.05 * $625,000

• Closing costs = $31,250

2. Next, we need to determine the down payment. Typically, a down payment can vary, but if we assume a standard down payment percentage (often 20% for conventional loans), we can calculate that as well:

• Down payment = 20% of $625,000

• Down payment = 0.20 * $625,000

• Down payment = $125,000

3. The total amount of money Nico needs to bring to closing would be the sum of the down payment and the closing costs:

• Total amount needed = Down payment + Closing costs

• Total amount needed = $125,000 + $31,250

• Total amount needed = $156,250

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