Calculating Home Closing Costs
Understanding exactly how much money you’ll need for closing costs can be confusing — and if it’s your first time buying a home, you may need some help estimating closing costs. Our closing costs calculator will help you get an idea of the expenses you’ll encounter at closing. And along the way you’ll also learn about what these various fees cover at closing.
It can be difficult to find the loan that best suits your down payment needs. When cash-on-hand is hard to come by, VA and FHA loans offer key options to help you get into a home you can afford. This closing cost calculator can help you understand what kind of savings you’ll need at the closing table. Here are some key details on lending and underwriting for these types of loans.
FHA loan details. FHA loans have unique charges compared to conventional loans. They’re popular because they keep the down payment costs low, but you’ll usually find an upfront fee of about 1.75 percent of the purchase price added to the loan.
VA loan details. You’ll find an additional fee added to VA loans ranging from 1.25 percent to 3.3 percent. With a VA loan, no down payment is required, but other fees are applied to the cost of the loan.