01
Down Payment
Your down payment is the portion of the purchase price you pay upfront rather than finance. Minimum requirements depend on the loan program and eligibility.
iLOAN HOME PURCHASE CALCULATOR
Calculate Your Home Purchase Costs
Estimate your mortgage payment, down payment, and cash needed at closing.
Home Purchase Details
Adjust your numbers to explore different home purchase scenarios.
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Your Down Payment
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Down payment presets are illustrative. Actual loan program requirements vary.
Mortgage Loan Term
Monthly Housing Expenses
Closing Costs & Credits
Closing costs are illustrative. Seller credits are subject to loan program limits and eligible expenses. Earnest money is assumed credited toward closing.
Your Estimated Purchase Costs
Review your estimated mortgage payment, financing details, and cash needed at closing.
Estimated Total Monthly Payment
Calculating…
Per month, based on your assumptions
Principal & Interest
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Property Taxes
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Homeowners Insurance
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Mortgage Insurance
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HOA Dues
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Purchase Financing
Home Purchase Price
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Down Payment
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Estimated Mortgage Amount
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Loan-to-Value Ratio
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Total Loan Interest
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Total Principal & Interest
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Estimated Cash to Close
Down Payment
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Estimated Closing Costs
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Earnest Money Credit
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Seller Credits Applied
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Estimated Remaining Cash Needed at Closing
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Results will appear when the calculation engine is activated.
IMPORTANT CALCULATOR DISCLOSURE: This calculator is provided for educational and illustrative purposes only. Displayed interest rates are hypothetical and do not represent current iLoan rates or a credit offer. Calculations are based on user-entered assumptions. Actual rates, APR, mortgage payments, insurance, taxes, closing costs, loan eligibility, and required funds may vary. Cash-to-close estimates assume the entered closing costs include applicable prepaid expenses and initial escrow deposits. Seller credits are subject to lender and program limits and may only offset eligible costs. Earnest money is assumed to have been paid and credited at closing. The estimate excludes additional financed program fees and other transaction costs unless already included in the inputs. Mortgage insurance is a manually entered estimate and may vary by loan program. Total interest assumes a fixed interest rate and scheduled payments over the selected loan term without extra principal payments. Results are not a Loan Estimate, loan approval, or commitment to lend.
UNDERSTANDING HOME PURCHASE COSTS
What Goes Into Your Home Purchase Costs?
Your down payment is only one part of purchasing a home. Understanding closing costs, earnest money, and seller credits can help you plan your available funds.
02
Closing Costs
Closing costs may include lender charges, appraisal, title services, recording fees, prepaid expenses, and initial escrow deposits. Actual costs vary by transaction.
03
Earnest Money Deposit
Earnest money is a deposit commonly submitted after a purchase contract is accepted. When properly credited at closing, it reduces the remaining funds the buyer must bring.
04
Seller Credits
A seller may agree to contribute toward eligible buyer closing costs. These credits are subject to loan program limits and generally cannot be applied toward the down payment.
Example: How Much Cash Might You Need at Closing?
Consider a hypothetical $350,000 home purchase with 10% down, $9,000 in estimated closing costs, $3,000 in earnest money, and $5,000 in eligible seller credits. The buyer’s remaining estimated cash needed at closing would be $36,000. This is separate from the estimated monthly mortgage payment.
Purchase Price
$350,000
Down Payment (10%)
$35,000
Estimated Closing Costs
$9,000
Earnest Money Credit
−$3,000
Eligible Seller Credits
−$5,000
Estimated Cash to Close
$36,000
Helpful Tip: Use the Purchase Calculator above to compare down payment amounts, closing costs, and available credits. Actual cash-to-close requirements will be determined by your lender and final settlement figures.
Example figures are hypothetical and provided for educational purposes only. Seller credits must satisfy applicable program restrictions and eligible cost requirements. Actual closing costs, prepaid expenses, escrow deposits, and required funds may differ. This example does not represent a loan offer, approval, or commitment to lend.
HOME PURCHASE QUESTIONS ANSWERED
Home Purchase Calculator FAQs
Find answers to common questions about down payments, closing costs, seller credits, mortgage insurance, and home purchase estimates.
How much down payment do I need to buy a home?
Down payment requirements depend on your mortgage program and qualifications. Some eligible conventional programs permit down payments as low as 3%, while FHA financing may allow 3.5% for qualifying borrowers.
Eligible VA and USDA programs may offer zero-down financing. Credit, income, property, and program requirements apply.
What closing costs should I expect when purchasing a home?
Closing costs may include lender fees, appraisal, title services, recording charges, prepaid insurance, prepaid interest, and initial escrow deposits.
Actual costs depend on your property, loan program, location, and financing terms. The calculator allows you to enter an illustrative amount.
Can seller credits reduce my cash needed at closing?
Yes. Eligible seller contributions may reduce certain closing costs and prepaid expenses.
Seller credits are subject to loan program limits and cannot generally replace the borrower’s required down payment. The calculator limits applied credits to the entered closing costs.
Does earnest money count toward my down payment?
Earnest money is generally credited toward the buyer’s required funds at closing when properly documented and applied.
It is not necessarily an additional expense. The calculator subtracts the entered earnest money deposit from estimated remaining cash needed at closing.
Will I need mortgage insurance?
Mortgage insurance depends on the loan program and financing structure. Certain conventional loans may require private mortgage insurance, while FHA loans have separate mortgage insurance requirements.
VA loans generally do not require monthly mortgage insurance, although a VA funding fee may apply. The calculator uses the monthly mortgage insurance amount you enter.
How accurate is the iLoan Home Purchase Calculator?
The calculator uses standard mortgage payment formulas and the financing assumptions entered by the visitor.
Actual payments, closing costs, mortgage insurance, required funds, interest rates, and loan eligibility may differ.
Results are educational estimates, not a Loan Estimate, financing approval, or commitment to lend.
