Closing costs are fees and charges involved in completing your mortgage and home purchase. They are separate from your down payment. Your Loan Estimate shows the expected amounts; actual costs depend on the loan and transaction.
See why the money needed at closing can be more than your down payment.
Explore a goal below. No contact information needed.
Example: 3.5% down plus 3% in closing costs, minus assistance. Move either slider to see the cash still needed; actual costs and available help vary.
Example cash still needed$26,000
$200,000$1,200,000
$0$20,000
Down payment · 3.5%
$14,000
Example closing costs · 3%
$12,000
Assistance applied
$0
Example only, not a loan offer or guarantee. Assumes 3.5% down plus closing costs equal to 3% of the price, minus example assistance. Actual costs, deposits, credits, prepaid expenses and reserves vary. Assistance may have eligibility, permitted-use and repayment restrictions; it may not cover every cost. This is not an eligibility determination or complete cash-to-close estimate.
Your Loan Estimate shows expected costs. Compare it with the final Closing Disclosure.
Could gift money help?
A deposit alone does not prove an allowed gift. Ask how to document it before counting on the money.
Could assistance cover some costs?
Programs limit who can use them and which costs they may cover. Help is not guaranteed.
A few good questions
Are closing costs my down payment?
No. They are separate.
Is 3% closing costs a rule?
No. It is only the tool's assumption.
Can assistance cover every fee?
Not necessarily. Permitted uses and eligibility vary.
How should I read this example?
This example adds a 3.5% down payment and closing costs equal to 3% of the home price, then subtracts example assistance. At $400,000 with no assistance, that is $14,000 down plus $12,000 in example costs: $26,000 total. Move the home-price slider to change both amounts. Move assistance to see the example remaining cash change. These are assumptions, not your quote or a promise of help.
We were amazed at how quickly Troy closed our home loan. His speedy communication saved us so much time.
Willa Henderson Fayetteville, NC
Review for Troy Schuricht
★★★★★
We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
Yara Mansfield Show Low, AZ
Review for Troy Schuricht
★★★★★
Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!
