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CENTURY 21® Atlantic Professional Realty
Steven J. Panameno • NJ Lic. #2563515
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Know your closing costs before you commit 💰

Closing costs can add up quickly, and many buyers underestimate how much cash they may need at closing. Enter the purchase price and loan details below to estimate common closing costs, including lender fees, title-related charges, taxes, and prepaid items.

You can compare FHA and Conventional loan scenarios side by side to see how loan structure may affect your estimated cash to close. This tool is designed to help you plan ahead, understand the numbers more clearly, and avoid surprises later in the process.

A better understanding of your total cash needed — beyond just the down payment — can help you budget with more confidence.

NJ Down Payment Assistance

New Jersey offers several programs to help first-time buyers. Select your county to see estimated assistance amounts.

Note: This is an estimate. Confirm eligibility with a participating NJHMFA lender.
NJHMFA DPA
$10,000
Based on Atlantic County
First-Gen Bonus
$0
Not selected
Potential Total
$10,000
Forgivable after 5 years
Eligibility
  • • First-time homebuyer (or 3+ years since ownership)
  • • Meet income limits for your county
  • • Use a participating lender
  • • Complete homebuyer education
VA Loan OptioniVA is not a grant. It can reduce cash needed (often no down payment), depending on eligibility.

If VA-eligible, compare VA vs FHA/Conventional. VA often requires $0 down payment and no PMI.

Inputs

Credits / deposits

Typical fees (edit as needed)

Points (optional)

Points are prepaid interest. You pay more at closing to get a lower rate.

1 point = 1% of the loan amount
If you keep the loan past the break-even date, points usually make more sense.
Estimated cash to close
$19,002
After NJ help (if eligible):$19,002iThis subtracts the NJ help estimate widget from cash-to-close. Not guaranteed and not included in the main calculation.
Down payment
$12,250
Closing costs (est.)
$10,252
Credits / deposits
- $3,500
Base loan amount
$337,750
FHA upfront MIP (UFMIP) estimate: $5,911. This example assumes it is financed into the loan (common).
Total loan w/ financed UFMIP ≈ $343,661

Points summary

Points cost
$0
New rate
6.500%
Base rate 6.500% • 30 yrs
Monthly savings (P&I)
$0.00
P&I: $2,134.81 → $2,134.81
Break-even
—
Points don't reduce payment with these assumptions. (Based on your "keep the loan" estimate.)
Rule of thumb: if you'll refinance or sell before the break-even point, points usually aren't worth it.

Breakdown (estimate)

Down payment$12,250.00
Lender fees$2,500.00
Title / settlement$2,500.00
Recording / transfer$700.00
Appraisal$600.00
Inspection$650.00
Discount points$0.00
Prepaid interest (~$60.15/day × 15 days)$902.21
Tax escrow (3 mo × $650.00)$1,950.00
Insurance escrow (3 mo × $150.00)$450.00
Subtotal closing costs$10,252.21
Credits / deposits- $3,500.00
Estimated cash to close$19,002.21
After NJ help (if eligible)$19,002.21
NJ title/settlement and county recording/transfer fees vary. Use this as a planning tool.