Estimate your upfront costs and initial expenses when buying a home.
Your Estimated Upfront Costs
$0.00
(Excludes mortgage principal, property taxes, homeowner's insurance premiums beyond initial escrow, moving expenses, and potential HOA fees.)
Understanding Your Home Buying Costs
Buying a home is a significant financial undertaking, and it involves more than just the down payment.
This calculator helps you estimate the various upfront costs and closing expenses you can expect.
These costs are typically paid at the closing of your home purchase.
Key Cost Components:
Down Payment: This is the initial amount of money you pay upfront towards the purchase price of the home. It's usually expressed as a percentage of the purchase price. A larger down payment can reduce your loan amount and potentially lower your monthly mortgage payments.
Closing Costs: These are fees charged by various parties involved in the real estate transaction. They typically range from 2% to 5% of the loan amount or purchase price, though estimates can vary. This calculator includes common closing cost components:
Estimated Closing Costs Percentage: A general percentage estimate that covers many services.
Appraisal Fee: Paid to an appraiser to determine the market value of the home.
Home Inspection Fee: Paid to a professional inspector to identify any potential issues with the home's structure or systems.
Title Insurance: Protects you and the lender against future claims to the property's ownership.
Loan Origination Fee: A fee charged by the lender for processing your mortgage. It's often a percentage of the loan amount.
Prepaid Interest: You'll likely pay per diem interest from the closing date to the end of the month. This calculator estimates this cost based on the number of days and the monthly interest rate.
How the Calculator Works:
The calculator breaks down the total upfront cost into several parts:
1. Down Payment Amount: Calculated as (Purchase Price) * (Down Payment Percentage / 100).
2. Lender Fee Calculation: Calculated as (Loan Amount) * (Loan Origination Fee Percentage / 100), where Loan Amount = Purchase Price - Down Payment Amount.
3. Other Estimated Closing Costs: Calculated as (Purchase Price) * (Estimated Closing Costs Percentage / 100). Note: This is a simplified estimate. Actual closing costs may be itemized differently.
4. Fixed Fees: Sum of Appraisal Fee, Home Inspection Fee, and Title Insurance.
Total Upfront Cost = Down Payment Amount + Lender Fee Calculation + Other Estimated Closing Costs + Fixed Fees + Prepaid Interest.
Important Note: This calculator provides an estimate of the *initial cash needed to close*. It does not include ongoing costs like your monthly mortgage payment (principal and interest), property taxes, homeowner's insurance premiums, potential HOA fees, moving expenses, or costs for immediate repairs or renovations. Always consult with your lender and a real estate professional for a precise breakdown of costs for your specific situation.
function calculateHomeBuyingCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var downPaymentPercent = parseFloat(document.getElementById("downPaymentPercent").value);
var closingCostsPercent = parseFloat(document.getElementById("closingCostsPercent").value);
var appraisalFee = parseFloat(document.getElementById("appraisalFee").value);
var inspectionFee = parseFloat(document.getElementById("inspectionFee").value);
var titleInsurance = parseFloat(document.getElementById("titleInsurance").value);
var loanOriginationFeePercent = parseFloat(document.getElementById("loanOriginationFee").value);
var prepaidInterestDays = parseFloat(document.getElementById("prepaidInterest").value);
var interestRateMonthly = parseFloat(document.getElementById("interestRateMonthly").value);
var totalCost = 0;
var downPaymentAmount = 0;
var loanAmount = 0;
var loanOriginationFeeAmount = 0;
var otherClosingCostsAmount = 0;
var prepaidInterestAmount = 0;
var fixedFeesTotal = 0;
if (!isNaN(purchasePrice) && purchasePrice > 0) {
// Calculate Down Payment
if (!isNaN(downPaymentPercent) && downPaymentPercent >= 0) {
downPaymentAmount = purchasePrice * (downPaymentPercent / 100);
} else {
downPaymentAmount = 0;
}
// Calculate Loan Amount
loanAmount = purchasePrice – downPaymentAmount;
// Calculate Loan Origination Fee
if (!isNaN(loanOriginationFeePercent) && loanOriginationFeePercent >= 0) {
loanOriginationFeeAmount = loanAmount * (loanOriginationFeePercent / 100);
} else {
loanOriginationFeeAmount = 0;
}
// Calculate Other Closing Costs based on Purchase Price
if (!isNaN(closingCostsPercent) && closingCostsPercent >= 0) {
otherClosingCostsAmount = purchasePrice * (closingCostsPercent / 100);
} else {
otherClosingCostsAmount = 0;
}
// Sum Fixed Fees
fixedFeesTotal = 0;
if (!isNaN(appraisalFee) && appraisalFee > 0) {
fixedFeesTotal += appraisalFee;
}
if (!isNaN(inspectionFee) && inspectionFee > 0) {
fixedFeesTotal += inspectionFee;
}
if (!isNaN(titleInsurance) && titleInsurance > 0) {
fixedFeesTotal += titleInsurance;
}
// Calculate Prepaid Interest
if (!isNaN(prepaidInterestDays) && prepaidInterestDays >= 0 && !isNaN(interestRateMonthly) && interestRateMonthly >= 0) {
prepaidInterestAmount = loanAmount * interestRateMonthly * prepaidInterestDays;
} else {
prepaidInterestAmount = 0;
}
// Calculate Total Upfront Cost
totalCost = downPaymentAmount + loanOriginationFeeAmount + otherClosingCostsAmount + fixedFeesTotal + prepaidInterestAmount;
// Display Result
document.getElementById("totalCost").innerText = "$" + totalCost.toFixed(2);
} else {
document.getElementById("totalCost").innerText = "Please enter valid numbers.";
}
}