Looking to find out how much you can borrow for your next home purchase? Use our easy-to-use Lender Purchase Calculator to estimate your down payment, loan amount, monthly payment and closing-cost obligations side-by-side across loan types like conventional, FHA, USDA, and VA.
This tool is specifically designed for homebuyers who want a clear snapshot of purchase-power before making an offer. Whether you’re buying in Pennsylvania or anywhere with similar loan conditions, you’ll get a realistic estimate that aligns with how lenders evaluate applications — coverage of interest rate variations, credit scores, property units, tax/insurance loads, and more.
Start by entering your details below (sales price, county, down payment, rate, term) and see how lenders will likely view your scenario. Then, use our next-step guidance to connect with a top-rated agent through Clever and secure your best financing terms.
Compare interest rates, down payments, and mortgage 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 loan are commonly called "conventional" loans. You can override the mortgage insurance premium with the PMI | MIP box on the closing cost page.
How to use the calculator (step by step)
1. Select the loan program: Choose Conventional, FHA, USDA or VA based on your eligibility and buying scenario.
2. Enter the county: For Pennsylvania users we include local deed transfer tax and county-specific inputs. For other states please reference local tax rules.
3. Specify property units: Indicate if you’re buying a 1-unit, 2-unit, 3-unit or 4-unit (multifamily) property—each affects lender underwriting.
4. Credit score band: Enter your approximate credit score to reflect how large lenders may view your application.
5. Sales price, real estate taxes & homeowners insurance: Input these to let the calculator estimate your full payment and monthly obligations. Insurance is defaulted to 0.40% of property value; adjust if you know your exact rate.
6. Down payment percentage: Enter your planned down payment (minimum or custom). Larger down payments reduce your loan amount and may qualify you for better terms.
7. Interest rate & term: Select your expected rate (based on market/lender quote) and term (typically 30 years).
8. Origination fees & discount points: If your lender charges origination fees or you pay points, include them to get a full cost estimate.
9. Deed transfer tax & seller assist: Some states or municipalities require a deed transfer tax split between buyer and seller—choose your option. Also indicate any seller contribution toward closing costs.
10. Gross monthly income & monthly debt: For qualified borrowers, lenders will calculate your debt-to-income ratio (DTI). Enter your gross income and existing debt payments to see how you stack up.
Once you hit “Calculate”, you’ll see three side-by-side scenarios (A, B, C) showing monthly payment, loan amount and potential cash-out or reserve requirements.
Pennsylvania deed transfer tax
The deed transfer tax is typically split between seller and buyer. Generally, the seller pays 1% of the sales price and the buyer pays 1%. There are a few exceptions. Use the drop down box to see if the municipality is listed. If so, choose the municipality. Pennsylvania does not impose a recordation, mortgage, 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 permit the home seller to pay a percentage of the buyer's closing costs. The maximum percentage varies by loan 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 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 s 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
FAQ
What is the difference between a purchase calculator and a refinance calculator?
A purchase calculator is designed to estimate the loan amount, down payment, closing-costs and monthly payment when buying a property for the first time (or making a new purchase). A refinance calculator focuses on renegotiating an existing loan, often considering current balance, new term and interest rate. This tool is optimized for purchase scenarios.
Why do I need to enter my credit score and DTI?
Lenders use credit score, debt-to-income ratio (DTI) and reserves when approving larger loans. By entering these, you get an estimate that mirrors how lenders view your scenario—helping you pre-qualify more realistically.
Why is deed transfer tax included in the calculator?
In states like Pennsylvania, deed transfer tax is a real cost that buyers must factor into their upfront expenses. Including it gives you a more accurate total cost of purchase.
What if my property is outside Pennsylvania?
While this version of the calculator includes Pennsylvania-specific inputs (like county and deed transfer tax), you can still use it for general estimates. If your state has different rules, adjust the inputs or contact a Clever-recommended agent for local guidance.
What do I do after using the calculator?
Once you have your estimate, you’re ready to move to the next step: Connect with a top-rated agent through Clever who specializes in your market, explore lender offers, and start your pre-approval process.