Loan estimate comparison calculator
This loan estimate calculator will compare the mortgage & closing costs for an FHA, VA, USDA & conventional loans in Pennsylvania. This mortgage calculator will also estimate the PA transfer tax, title insurance & seller paid closing costs (if applicable). This web tool is similar to Mortgage & Closing Cost Calculator. PA Home buyers, Realtors® and lenders can easily estimate and compare the down payment, closing costs, escrow and prepaid costs; including seller paid closing costs (seller assist), if applicable. This mortgage and closing cost calculator is provided for illustrative purposes only. See more information below. Please send me an E-mail if you see an error or want to make a comment.
The loan estimate calculator is simple in design, but extremely
powerful. You can calculate two loan scenarios on a single home
or compare the cost difference between two properties. The calculator
is very good at estimating the difference between an offer and
There are some subtle features that you should be aware of. Column "B” will pick up some choices from column "A". For example, the calculator assumes that you are purchasing a home in the same county and that a one, two, three or four unit property is being purchased. You will notice small arrows pointing to some of the input boxes. These boxes must contain a value for the calculator to produce an estimate. Once the input box contains a value, the arrow will clear.
PA transfer tax
Pennsylvania and the local municipalities and school districts
charge a transfer tax on property sales. The state charges 1%
on the sales price and most municipalities charge 1% together;
however, there are some exceptions. Use the drop down box to
see if the home is located in one of the municipalities that
charges ore (or less). If you see the municipality where the
home is located, select the municipality. The transfer tax percentage
will change. By custom, the buyer and seller split the transfer
Seller Paid Closing Costs (aka seller assist)
The home seller is permitted to pay a percentage of the home
buyer closing costs. Again, the seller is permitted, not obligated
to pay the buyer's costs. If the seller is willing to pay some
of the home buyer's closing costs, you can use the drop down
box for a percentage of costs to be paid, or use the "Seller
is paying a flat amount" box on line 16. The flat seller assist
box overrides the percentage calculation.
Debt to income calculation
Lenders use a formula called debt to income to determine the maximum mortgage payment and maximum monthly debt that a borrow is permitted for a home loan. Use the monthly income box (gross income) and monthly debt box to estimate the debt to income ratios. Determining monthly income and monthly debt for a mortgage is more art than science. Read more about debt to income. Read more
View closing costs
The closing cost page lists the closing, escrow and prepaid costs. Once again, column "B" will pick up some of the fees from column "A". The boxes with a grey background cannot be changed. Values in the white boxes can be changed. You will notice that there are some boxes labeled as "override" boxes. Most lenders will calculate the origination fee and discount point(s) as a percentage of the loan, however, the lender may charge a "flat dollar" amount for these costs. If so, the fixed cost can be entered in the appropriate box and the cost will override any percentage calculation.
The borrower pays interest from the 1st day of the month to the closing day, including the day of closing. The highest cost for the per diem, is a closing on the first day of the month. Closing on the last day of the month is the lowest cost. You can adjust the days in the month with the drop down box. Choose 30 days for a closing on the 1st day and 1 day for a closing on the last day of the month. Read more about per diem interest
A box is provided for an additional down payment on the closing
If you pre-pay an appraisal fee, credit report, or earnest money, enter those payments in the appropriate boxes and the advance monies will be subtracted from the cash requirement.
The mortgage insurance costs are built into the calculator. We try to keep the monthly insurance percentages current; however, the percentages may not be exactly accurate. For this reason, the monthly mortgage insurance premium can be overridden with the input boxes.