Home Cost Calculator
Estimate your down payment, mortgage, closing costs, cash needed at closing, monthly housing payment and long-term loan cost.
1. Home Purchase Details
2. Mortgage Details
3. Monthly Home Costs
4. Optional Budget Check
Cost Breakdown
Monthly Payment Breakdown
Long-Term Mortgage Cost
How Home Buying Costs Are Calculated
Buying a home involves more than the purchase price. Upfront expenses can include the down payment, closing costs, prepaid expenses and other charges. Ongoing housing costs can include principal, interest, property taxes, insurance, mortgage insurance and association fees.
What Is Included?
Down Payment
The down payment is the amount paid toward the purchase price instead of borrowing that portion through a mortgage.
Closing Costs
Closing costs can include lender charges, title services, government fees, prepaid expenses and other transaction-related costs. Actual amounts vary.
Mortgage Payment
The principal and interest portion depends on the amount borrowed, interest rate and repayment term. Taxes, insurance and other costs can increase the total monthly housing expense.
Property Taxes and Insurance
Property taxes and homeowners insurance are separate costs associated with owning a property. The amounts depend on the property and location.
Mortgage Insurance
Mortgage insurance may apply to some loan types and borrower situations. The amount and duration depend on the mortgage program and lender.
How Much Cash Do You Need to Buy a Home?
Your upfront cash requirement can include the down payment, closing expenses, prepaid costs and other applicable charges. Credits may reduce some eligible expenses. Keeping an emergency reserve is also important when planning a home purchase.
Frequently Asked Questions
What does this calculator estimate?
It estimates the purchase price, down payment, mortgage amount, monthly principal and interest, taxes, insurance, mortgage insurance, HOA fees, closing costs and estimated cash needed at closing.
Are closing costs included in the down payment?
No. The down payment and closing costs are separate expenses. Both can contribute to the amount of cash needed at closing.
Does a larger down payment lower the monthly payment?
Generally, a larger down payment means borrowing less money, which can reduce the principal and interest portion of the monthly payment.
Can actual costs be different?
Yes. Online estimates are not quotes. Your lender and other transaction providers determine the actual costs for your purchase.
What is cash to close?
It is the amount needed to complete the purchase after applicable payments, credits and other adjustments are taken into account.
Can I use this before applying for a mortgage?
Yes. It can help with preliminary budgeting, but official lender documents should be used when comparing actual mortgage offers.
This calculator is for educational and planning purposes only. It is not financial, mortgage, tax or legal advice and does not guarantee loan approval, rates or actual transaction costs.