Typically when you are buying a house you are looking at three different types of fees. One of which is earnest money. now you may be asking yourself what is earnest money and, what is it for? Will earnest money is like a small deposit, it is used to show that the offer you have made towards your new home is serious and in good faith. Normally the cost of earnest is anywhere around $500. In the next two days, I'll be covering the rest of the fees.