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!
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.
Pennsylvania Closing Cost and Mortgage Calculator
law requires real estate agents to provide both buyer and seller with
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.
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.
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.