Pennsylvania Closing Cost & Mortgage Calculator Tutorial

Written by Bill MacDonaldFebruary 9th, 20231 minute read

This page will explain the operation of the Pennsylvania Good Faith Estimate & Mortgage Closing Cost Calculator.

Which loan program is right for me?

VA home loan

If you're an eligible veteran with little or no cash, or you can't make a significant down payment, choose the VA home loan with the maximum seller-paid closing cost option.

FHA home loan

The FHA is a very popular loan program for home buyers with little or no cash. The down payment is only 3.5%, and the seller can pay a large percentage of the home buyer's closing costs. Choose "maximum" under the seller assistance option to obtain the lowest cash requirement.

USDA home loan

The USDA loan does not require a down payment. Like the FHA program, the seller is permitted to pay a large percentage of the buyer's costs. There are income limits and area requirements.

Conventional home loan

The conventional loan is best when there is a down payment of 5% or more. The seller can also pay a percentage of the home buyer's closing costs, although the maximum amount is dictated by the down payment percentage.

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