| * Required entry | | | | | | | | | |
| ? Optional entry | | | | | | | | | |
|
| OPERATION: |
| The following is a line description of the AnytimeEstimate purchase calculator. Seven entries are necessary for an estimate (red). The DATA INPUT field will alert you to missing entries. Rates, fees & program guideline will vary between lenders. Toggle between the CLOSING COST screen and MAIN PAGE by clicking on the hyperlinks. If you click RESET - all entered values will be deleted. |
|
| Mortgage Program - Choose the mortgage program; FHA, VA, FIXED OR ARM. The FIXED or ARM choices are "conventional loans underwritten to Fannie Mae & Freddie Mac underwriting guidelines. |
|
| Veteran Use - If the mortgage is VA (Veteran Administration), choose between active duty or reservist eligibility. This choice will establish the VA Funding Fee. |
| Top of Page |
| First time use | Reuse - This choice contributes to the correct VA Funding Fee |
|
| 1. Pennsylvania County - This choice sets up the MAXIMUM FHA & VA mortgage limits for the Pennsylvania county. LENDERS - if the mortgage exceeds the maximum Fannie Mae or Freddie Mac limits for the respective county, you will see "JUMBO" on the closing cost page. |
| Top of Page |
| 2. Number of Units - Choose the number of units, 1-Unit is a single family, 2-Units is a duplex. This choice further enhances the maximum mortgage limits for FHA & VA mortgages. |
|
| 3. Credit Score - Choose the credit score if known. Credit score will not affect the calculations for FHA or VA mortgages. A minimum credit score of 680 is required for PMI calculations - FIXED & ARM (Fannie Mae & Freddie Mac). |
| Top of Page |
| 4. Enter the Sales Price |
|
| 5. Annual Real Estate Taxes - Enter the total real estate taxes. County, school & local municipality. |
| Top of Page |
| 6. Enter the annual homeowners insurance premium. Homeowner's insurance cost can vary. Enter your estimate, I have provided a "suggestion". It's only a guess. Enter the cost in this box. |
|
| 7. Down Payment Percentage - Use the drop down box for the down payment percentage. The minimums have been pre-set for the programs. FHA = 3.5%, VA = 0, Conventional (Fannie Mae, Freddie Mac = 5%) |
| Top of Page |
| 8. Interest Rate - Choose the interest rate with the drop down box |
|
| 9. Term - Choose the term of the mortgage with the drop down box. |
| Top of Page |
| 10. Origination Percentage - Choose the origination percentage. The origination fee percentage can be over ridden on the closing cost page. |
|
| 11. Discount Points (Percentage) - Choose the discount point percentage if applicable. The discount percentage can be over ridden on the closing cost page. |
| Top of Page |
| 12. Deed Transfer Tax % To Buyer - Enter the deed transfer tax percentage to buyer with drop down box. PA does not have mortgage stamps or recordation charges. |
|
| DEED TRANSFER TAX EXCEPTIONS - Here are the known exceptions to the deed transfer tax. Most Pennsylvania municipalities charge 1% of the sales price for the transfer of real property in Pennsylvania. The State of Pennsylvania charges 1%. BY CUSTOM, the buyer & seller split the transfer tax (i.e. buyer pays 1% & the seller pays 1%). THERE ARE EXCEPTIONS. Here are the known exceptions. If you see the municipality listed. Select the municipality. If the buyer & seller are splitting the transfer tax, enter the percentage in the box above. Needless to say, but I'll say it anyways, if the buyer is paying the entire deed transfer tax, choose "Buyer Pays", and enter the transfer tax percentage above. To guarantee the correct transfer tax percentage, call the municipality or a local settlement company. |
|
| 13. Seller Assist Percentage - FHA, VA & conventional financing permits the seller to pay a percentage of your closing costs. Choose the seller assist percentage if applicable. For maximum seller assist, choose maximum. Seller assist limits have been built in. For example, if you enter 1,000,000 for the seller assist, only the maximum seller assist will calculate. |
| Top of Page |
| 14. Seller Pays a Flat Dollar Amount - If the seller is paying a flat dollar seller assist, say $3,000, enter that amount on this line. The flat dollar amount will over ride the percentage calculation. Seller assist limits have been built in. For example, if you enter 1,000,000 for the seller assist, only the maximum seller assist will calculate. |
|
| Real Estate Agency Fee - Some real estate agencies charges a transaction fee, administrative fee, coordination fee, etc. You can enter this cost in this box. This fee will not affect the calculation. |
| Top of Page |
| Earnest Money Deposit - Also known as hand money. Enter the earnest money deposit on this line if desired. This cost will not affect the calculation. |
|
| Appraisal - Enter the appraisal cost on this line if desired. This cost will not affect the calculation. |
| Top of Page |
| Credit Report - Enter the credit report cost on this line if desired. This cost will not affect the calculation. |
|
| AM I MISSING ANYTHING? ARE YOU CONFUSED? If so, please send me an e-mail by way of the CONTACT PAGE. If you are a lender and desire a similar calculator for your state, please send me an e-mail. |
|
This Pennsylvania mortgage and closing cost calculator (GFE), was designed for the PA real estate agent or Realtor® who needs a good faith estimate (buyer's cost estimate). Home buyers can estimate the down payment, closing costs, prepaid and escrow costs for an FHA, VA and conventional mortgage in Pennsylvania; including the seller assist. The new HUD/FHA good faith estimate (gfe) does not include the sales price, down payment or (total) mortgage payment on the form. This online calculator is designed to estimate all costs associated with the purchase including the PA title insurance and deed transfer tax. Also, please understand that this mortgage tool is provided for illustrative purposes only and prospective home buyers should always consult with a professional mortgage loan officer concerning mortgage financing. Operation instructions are provided here: OPERATION. And . . . 
Click outside the box to "lock in" your choice or use the tab key. For questions, comments, or suggestions, please send me an e-mail: E-MAIL 
|