Most move-up buyers assume the second transaction is easier than the first. You know the process. You've signed the paperwork. You've wired the funds.
What catches experienced buyers off guard isn't the process — it's the number.
Specifically: cash to close.
Not your down payment. Not your closing costs. The actual all-in figure your lender needs from you on closing day. For move-up buyers in the Farmington Valley, that number is almost always larger than expected and it arrives on your Closing Disclosure just three business days before you sit down at the table.
Here's what's inside it.
Your Down Payment Is Just the Start
If you're trading up, you're likely rolling equity from your current home into the next purchase. That's the plan. But until your sale closes and the wire hits, that equity isn't cash and your lender needs confirmed funds.
Your down payment is the biggest piece of cash to close. On a conventional loan in Farmington Valley's current price range, you're typically looking at 10%–20% down. On a $650,000 home, that's $65,000 to $130,000 before a single fee is counted.
Then Come the Closing Costs
Expect 2%–5% of the purchase price in closing costs one-time fees to process and complete the transaction. On that same $650,000 purchase, that's $13,000 to $32,500.
In Connecticut, that number has a few line items you won't see in other states:
Attorney fees: Connecticut is an attorney state. Required at closing, not optional.
Transfer taxes: Connecticut's conveyance tax applies to the sale. Budget for it.
Title insurance, appraisal, origination fees, recording fees: standard across the board.
Prepaids: The Line Item That Always Surprises
Even buyers who've closed before get caught off guard by prepaid expenses. These are homeownership costs collected at closing and held in escrow until they're due, property taxes, homeowners' insurance, and prepaid mortgage interest.
The exact amount depends on your closing date and which Farmington Valley town you're buying in. Town-by-town mill rates vary significantly across Avon, Simsbury, Farmington, Canton, and Granby. Your prepaids in Avon will look different than they will in Granby.
Credits Bring the Number Down
The good news: cash to close isn't purely additive. Several items reduce what you owe at the table:
Earnest money already submitted
Seller concessions negotiated in the contract
Lender credits, if applicable
Any out-of-pocket fees paid during the transaction
The formula your lender uses:
Cash to Close = Down Payment + Closing Costs + Prepaids − Credits and Deposits
Two Documents. Read Both.
You'll see this number twice during the mortgage process:
Your Loan Estimate arrives within three days of application — a reasonable approximation, but not binding. Your Closing Disclosure arrives three business days before closing — this is the real number, and this is what you wire.
Compare them. If line items shifted, ask your lender to explain every change before you show up at the table.
One Move-Up Timing Note
If your sale and purchase are closing back-to-back, which is common in the Farmington Valley, your cash to close calculation depends on the net proceeds from your sale hitting your account before your purchase funds are due. Coordinate the closing sequence with your attorney and lender early. A one-day gap in timing can create a cash shortfall you didn't see coming.
Closing day on a move-up purchase should feel like a milestone, not a scramble. The buyers who show up relaxed are the ones who reviewed their Closing Disclosure line by line three days out, not the morning of.
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Peter Tumbas is a residential real estate agent with Berkshire Hathaway HomeServices New England Properties, serving buyers and sellers across the Farmington Valley. Planning a move-up purchase and want to know what to expect at the closing table? Reach out before you're under contract.