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Closing Cost Assistance

The Pennsylvania Housing Finance Agency (PHFA) offers a below market interest rate for first and non-first-time homebuyers. PHFA also provides a down payment/closing cost assistance loan for qualified home buyers. Read more

Free grant money!

Drawing of a bank building The Federal Home Loan Bank of Pittsburgh offers a free down payment (or closing cost assistance grant) for qualified first-time home buyer(s) in Pennsylvania, Delaware, and West Virginia. Read more

Pennsylvania Closing Cost and Mortgage Calculator

Pennsylvania law requires real estate agents to provide both buyer and seller with “Statements of estimated cost and return”. The closing cost estimate must be provided before an agreement of sale is executed. Each party to the sale must receive a written estimate of reasonably foreseeable expenses associated with the sale that the party may be expected to pay, including, but not limited to: the broker’s commission, the mortgage payments and financing costs, property taxes, assessments and settlement expenses. The cost estimates are required to be as accurate “as may be reasonably expected of a person having knowledge of, and experience in, real estate sales”. The PA mortgage and closing cost calculator was developed to help real estate agents and homebuyers understand the down payment and closing costs associated with the sale. Please understand that this calculator is only for illustrative purposes and specific costs and questions should be directed to a mortgage professional. Here's the tutorial - Mortgage Calculator Tutorial. Also, click outside the box to "lock in" your choice or use the tab key. The Pennsylvania home seller cost estimate can be found with this link – PA seller estimate.

| Input Screen | View Closing Costs | PRINT SCREEN |

	Pennsylvania Closing Cost & Mortgage Calculator



	LOAN SET UP
	1. Mortgage Program
	1a. Veteran Use
	2. What county is the home located in?
	3. How many units?
	4. What is your credit score?

	5. Enter the sales price -
	6. What are the annual real estate taxes?
	7. Annual homeowner's insurance -

	8. Enter the down payment percentage
	9. Enter the interest rate -
	10. What is the term (how long)
	11. Enter the origination percentage (if applicable)
	12. Are there discount points? (if applicable)
	13. Enter deed transfer tax % to buyer *

	PENNSYLVANIA DEED TRANSFER TAX (see below)

	14. Pennsylvania Deed Transfer Tax			1.00%
	Total Transfer Tax

	SELLER ASSIST OPTION:
	15. Seller assist percentage, if applicable
	16. Seller is paying a flat amount.
	17. Seller pays

	DEBT TO INCOME OPTION
	Gross Monthly Income
	Gross Monthly Debt

	Payment Ratio
	Debt Ratio




	* The deed transfer tax is typically split between buyer and seller. Generally, the buyer pays 1% of the sales price and the seller pays 1%. There are exceptions. Use the drop down box to see if the municipality is listed. If so, choose the municipality. PA does not have mortgage stamps or recordation fees.

	This estimate assumes an owner occupied residence or condominium. FIXED and ARM refers to loans underwritten to Fannie Mae guidelines (i.e. 5%, 10%, 15%, etc.). These loans are commonly called "conventional" loans. You can override the mortgage insurance premium in the PMI \| MIP box on the closing-cost page. No credit score minimums are considered for this closing cost illustration. Credit score requirements vary widely from lender to lender and loan program. This calculator is made available to you as a self-help tool for illustrative use only. Examples are hypothetical. We can not and do not guarantee the applicability or accuracy in regards to your individual circumstances. I encourage you to seek personalized advice from qualified professionals concerning real estate financing and calculations. Copyright © 2021,William A. MacDonald All rights reserved. Anytime Estimate.com

This estimate assumes an owner occupied residence or condominium. FIXED and ARM refers to loans underwritten to Fannie Mae guidelines (i.e. 5%, 10%, 15%, etc.). These loans are commonly called "conventional" loans. You can override the mortgage insurance premium with the PMI | MIP box on the closing cost-page.

Pennsylvania deed transfer tax

The deed transfer tax is typically split between buyer and seller. Generally, the buyer pays 1% of the sales price and the seller pays 1%. There are exceptions. Use the drop down box to see if the municipality is listed. If so, choose the municipality. Pennsylvania does not impose a mortgage, recordation, or excise tax on home sales. Read more about the PA deed transfer tax

Seller paid closing costs (aka seller assist)

All of the popular loan programs allow the home seller to pay a percentage of the buyer's closing costs. The maximum percentage varies by program. The seller paid closing cost percentage is built into this calculator. Choose "maximum" for the "maximum" seller paid closing cost percentage. Read more about the seller paid closing costs

Debt to income ratio calculation

The amount you can borrow is largely dependent on your "debt to income" percentage. The ideal mortgage payment is 29% of your monthly GROSS income. Lenders also consider your monthly debt in the equation (i.e. car payment, school loan, credit card, etc.). The "ideal" debt to income debt ratio is 36%. The debt ratio of 41% includes the anticipated mortgage payment. The debt to income ratios vary between loan programs. Enter your monthly (gross) income and monthly debt (excluding the mortgage payment) in the appropriate boxes and the calculator will estimate the debt ratios. Read more about debt to income ratio

Please send me an email if you discover a calculation error or care to make a comment.

	ESTIMATED CLOSING COSTS:						ESTIMATED CASH REQUIRED AT CLOSING
	Administration Fee						Down Payment
	Application Fee						Additional Down Payment
	Appraisal Fee						Estimated Closing Costs
	Closing Protection Letter						Estimated Prepaid Items
	Courier Fee (Over night mailing)						Subtotal
	Credit Report
	Deed Transfer Tax						Less Appraisal
	Discount Point (s) *						Less Credit Report
	Document Download Fee						Less Earnest Money Deposit
	Flood Certification						Less Fess Paid by Seller
	Notary Fee						Less Financed Funding Fee
	Origination Fee *
	Pest Inspection						ESTIMATED CASH TO CLOSE
	Processing Fee
	Real Estate Agency Fee						ESTIMATED MONTHLY PAYMENT
	Recording Fees						Principal & Interest
	Septic Inspection						homeowner's insurance
	Settlement Fee						Real Estate Taxes
	Survey						MIP \| PMI * * * *
	Tax Service						Condo \| Hm Association Fee
	Title Endorsement						PAY MONTHLY
	Title Insurance
	Underwriting Fee						DETAILS OF MORTGAGE
	Well Inspection						SALES PRICE
	Wire Chatge (if applicable)						Type of Loan
							Term
							Mortgage Amount
							Interest Rate
							Loan To Value
							front-end Ratio
	TOTAL CLOSING COSTS						back-end Ratio

	ESTIMATED PREPAID COSTS:						Cash Required At Settlement Must Be In The Form Of A Cashiers Or Certified Check
	Per Diem Interest
	homeowner's insurance (Estimated)
	homeowner's insurance Escrow
	MIP \| PMI Escrow
	Property Tax Escrow & Proration * * *
	FHA \| VA Funding Fee
	TOTAL ESCROW & PREPAIDS

	Per Diem Interest - To close on the last day of the month, choose 1 day. The first day of the month is 30 days.

	Notes:
	* Origination & Discount Fees(s) - You can override the percentage cost for the origination & discount percentage and enter a dollar amount in the white input box on the origination or discount line.

	* * * Real Estate Tax Escrow & Proration ( 12 Mths ) - Without getting into a long explanation of Pennsylvania property taxes & proration at settlement; 12 months for escrow & proration is the appropriate choice for these costs.

	* * * * PMI \| MIP: You can override the PMI \| MIP factor in the white input box on the MIP \| PMI line. Foe example, if the MI factor is .94, enter .94 in white MIP \| PMI box. MI rates are based on the MGIC monthly borrower-paid rates. Effective 8/18. Mortgage rates assume owner occupied residency (no investor, 2nd homes, or relocation).

	Fixed payment: Fixed-payment mortgages feature level payments for the first five years of the mortgage. All acceptable plans must [1] have the initial payment rate equal to or greater than the initial accrual rate, [2] have no temporary buydowns, negative amortization, rate concessions, balloon mortgages with terms of less than five years, or instruments with graduated payment features. Included in this category are 5/1, 7/1 and 10/1 ARMs.

	Non-Fixed payment (ARM): Non-Fixed payment mortgages feature payment changes, or the potential for payment changes during the first five years of the mortgage. Included are fixed-rate loans with 1% annual temporary buydowns, adjustable-rate mortgages except for 5/1, 7/1 and 10/1 ARMs, balloons with a term of less than five years, rate concessions, and buydowns. Loans featuring potential or scheduled negative amortization are not eligible.

	CALCULATED PMI/MIP FACTOR:

	* * * * * Front & back-end Ratio: Enter the monthly income and debt on the Main Screen for calculation.





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ESTIMATED CLOSING COSTS:		ESTIMATED CASH NEEDED AT SETTLEMENT
Administration Fee		Down Payment
Application Fee		Additional Down Payment
Appraisal Fee		Estimated Closing Costs
Closing Protection Letter		Estimated Escrow & Prepaid Items
Courier Fee (Over night mailing)		Subtotal
Credit Report
Deed Transfer Tax		Less Appraisal
Discount Point (s) *		Less Credit Report
Document Download Fee		Less Earnest Money Deposit
Flood Certification		Less Fess Paid by Seller
Notary Fee		Less FHA, VA Funding Fee	0.00
Origination Fee *
Pest Inspection		ESTIMATED CASH TO CLOSE
Processing Fee
Real Estate Agency Fee		ESTIMATED MONTHLY PAYMENT
Recording Fees		Principal & Interest
Septic Inspection		homeowner's insurance
Settlement Fee		Real Estate Taxes
Survey		MIP \| PMI
Tax Service		Condo \| Hm Association Fee
Title Endorsement		PAY MONTHLY
Title Insurance
Underwriting Fee		DETAILS OF MORTGAGE
Well Inspection		SALES PRICE
Wire Charge (if applicable)		Type of Loan
		Term (Years)
		Mortgage Amount
		Interest Rate
		Loan To Value
		front-end Ratio
TOTAL CLOSING COSTS		back-end Ratio

ESTIMATED ESCROW & PREPAID COSTS:
Per Diem Interest		CASH REQUIRED AT SETTLEMENT MUST BE IN THE FORM OF A CASHIERS OR CERTIFIED CHECK.
homeowner's policy (Estimated)
Homeowners Escrow ( 2 Months)
MIP \| PMI Escrow ( 2 Months )		The settlement & loan costs are an estimate only. Actual settlement costs are determined by the closing date and the expenses required by the lender.
Tax Escrow & Proration (12 Mths)
FHA \| VA Funding Fee
TOTAL ESCROW & PREPAIDS

BUYER	Date	SELLER	Date

BUYER	Date	SELLER	Date

AGENT		AGENT

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Financing a home purchase

First-time home buyers

Free grant money!

Pennsylvania Closing Cost and Mortgage Calculator

Pennsylvania deed transfer tax

Seller paid closing costs (aka seller assist)

Debt to income ratio calculation