Mortgage And Closing Cost Calculator

💡 Mortgage & Closing Cost Tips

• Shop Multiple Lenders: Compare rates and fees from at least 3-5 lenders to get the best deal
• Review Loan Estimate: Lenders must provide a Loan Estimate within 3 business days of application
• Compare APRs: The Annual Percentage Rate includes fees and gives a true cost comparison
• Negotiate Fees: Many closing costs are negotiable – ask lenders to waive or reduce fees
• Consider Lender Credits: You can accept higher rates in exchange for lender paying closing costs
• Budget 2-5% for Closing: Total closing costs typically range from 2-5% of home purchase price
• Review Closing Disclosure: You must receive this 3 days before closing – review carefully
• PMI Removal: For conventional loans, PMI can be removed at 78% LTV or request removal at 80% LTV
• Rate Lock: Consider locking your interest rate if you expect rates to rise during processing
• Down Payment Options: Higher down payments reduce PMI and monthly payments but increase cash needs