Pennsylvania closing cost and mortgage calculator

Peennsylvania state flagPennsylvania 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 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.

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  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  
   
   
     
   

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 over ride 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 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

Last updated 8/2018. Please send me an email if you discover a calculation error or care to make a comment.