Before the offer
A budget and a pre-approval keep an offer from depending on a hope. The inspection period is for the building. The appraisal is for the lender's value.
If the appraisal is lower than the price, the down payment and the loan can both change. Rerun the payment calculator with the new loan amount.
At the closing table
Cash to close includes the down payment and the costs on the closing disclosure, minus credits. The closing-cost worksheet is a rehearsal, not that disclosure.
Escrow deposits, prepaid interest, and prorated taxes can make the wire different from the down payment alone.
| Step | Use |
|---|---|
| Budget | Affordability |
| Loan terms | Compare scenarios |
| Cash | Down payment and closing costs |
Calculators
Related guides
Sources
Common questions
Can I waive the inspection?
The calculators do not price repair risk. Waiving an inspection does not change the mortgage math, and it can change the real cost of the house.
What if the rate lock expires?
The payment can change. Put the new rate into the payment calculator before you assume the old estimate still holds.