If you’re buying in Central Ohio—Columbus, Powell, Dublin, plus Westerville, Upper Arlington, New Albany, Lewis Center, and Delaware—you’ll hear two phrases on repeat: earnest money and down payment. They’re not the same—and mixing them up can cost you leverage (or sleep).

1) Quick Definitions, No Fluff

Earnest money = your “I’m serious” deposit held in escrow after the offer is accepted.

Down payment = the portion of the purchase price you’re paying at closing (your equity on day one).

Different timing, different purpose—both come from your cash-to-close.

2) How Much Is Normal Here?

Central Ohio norms: earnest money often lands around 1–2% of price (we tailor by neighborhood heat—think tighter in Westerville’s Highland Lakes or New Albany village-adjacent). Down payment depends on loan: 3–5% for many conventional buyers, 10–20%+ for stronger terms. Pro move: size the earnest money to signal strength without straining liquidity.

3) Is Earnest Money Refundable?

Usually—if your contingencies protect you. Inspection, financing, and appraisal can all be written to return your deposit if the deal breaks for covered reasons. Blow past deadlines, waive contingencies you can’t afford, or get cold feet without cause, and you risk forfeiting it. I calendar every milestone so we never donate money to the ether.

4) Strategy: Use Cash Smartly, Not Loudly

A bigger down payment can improve terms and app confidence; a right-sized earnest money check makes your offer feel real in competitive pockets like Powell’s Evans Farm or UA south-of-Lane. But don’t confuse bravado with strategy: an oversized deposit with flimsy timelines is weaker than a balanced package with crisp dates and clean paperwork.

5) Paper Trail & Wire Safety

Have proof of funds ready (down + closing costs). Keep earnest money/closing funds seasoned in an accessible account—no last-minute shuffles. And always verify wire instructions by phone with the title company; Columbus sees fraud attempts like everyone else. We double-confirm so your money lands where it should.

CTA:

Want me to model your cash-to-close, right-size your earnest money, and frame an offer that wins in Columbus, Powell, or Dublin—plus Westerville, Upper Arlington, New Albany, Lewis Center, and Delaware? I’ll build it step by step.

[Contact Patrick Murphy, REALTOR® — Columbus, Powell & Dublin Expert]