Cash Needed at Closing Calculator

Estimate your out-of-pocket costs based on your purchase price, loan type, and available assistance.

This calculator provides rough estimates for planning purposes only. It is not a mortgage quote, commitment, or financial advice. Actual costs vary by loan program, lender, property, and transaction. Always get a Loan Estimate from your lender.

Enter Your Details

Fill in the fields below — you can adjust the percentages based on your loan program.

The agreed-upon sale price of the home
SONYMA: 3% min · FHA: 3.5% min · Conventional: 3–20%
Typically 2–4% in NY; can be higher in NYC (transfer taxes)
Any closing cost credit negotiated with the seller
E.g. SONYMA DPAL (up to 3% of purchase price), county grants, HOME program funds

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How to Read These Numbers

Down Payment

This is the portion of the purchase price you pay upfront that is not financed. SONYMA loans require a minimum of 3% down. FHA loans require 3.5%. Conventional loans start at 3% for first-time buyers but typically 5–20%. A larger down payment reduces your monthly payment and may eliminate mortgage insurance.

Closing Costs

Closing costs in New York typically run 2–4% of the purchase price for upstate NY. They include lender fees, title insurance, attorney fees, recording fees, mortgage tax (NY-specific), and prepaid items. In New York City, transfer taxes can push this higher. Ask your lender for a Loan Estimate as early as possible.

Seller Credits

You can negotiate for the seller to contribute toward your closing costs. Most loan programs cap this at 3–6% of the purchase price. This reduces your out-of-pocket cash but may affect the negotiated purchase price.

Down Payment Assistance

Programs like the SONYMA DPAL provide loans (often forgivable or deferred) to help cover your down payment and/or closing costs. County HOME programs, community development organizations, and employer-assisted housing programs may also be available.