Understanding Your Loan Costs

Master the key components of your home purchase: Down Payment, Closing Costs, and your Total Cash to Close.

Part 1: The Down Payment

Your initial investment in your home, which varies based on your loan type and financial situation.

3% - 20%+

Flexible options. A 20% down payment avoids PMI. First-time buyers may qualify for as low as 3%.

3.5%+

Government-backed loan popular with first-time buyers due to its low down payment requirement.

For eligible veterans, service members, and surviving spouses. No down payment required in most cases.

For homes in eligible rural areas. Offers 100% financing, meaning no down payment is needed.

Fees for services required to finalize your mortgage, typically 2-5% of the loan amount.

This is the total amount of money you'll need to bring to the closing table.

Down Payment

$20,000

Closing Costs

$8,000

Total Cash to Close

$28,000

*Example based on a $400,000 home with 5% down.

Every home purchase is unique. Let me provide you with a detailed and personalized Loan Estimate so you know exactly what to expect.