Ready to Apply?
Provide information to start the application or loan process.
Find out how the process works, from getting prepared to closing.
Provide information to start the application or loan process.
Before you start shopping for a new home, it's important to figure out what you can afford.
Buying your first home is a big financial step. You’ll want to consider the added financial responsibilities, including things like moving costs, home repairs, landscaping, property taxes and insurance. You should have a steady income, manageable debt and feel confident you will stay in one place for awhile.
Start by assessing your income. Then consider liabilities like student loans, credit card balances and auto loans. Ideally, the amount of your monthly debt payments, including your proposed mortgage payment, should be equal to or less than 36% of your gross monthly income. And remember to budget for a down payment (typically 5% to 20% of the purchase price) and closing costs (usually estimated at 2% to 3% of the purchase price).
Calculate your monthly payment.
Your monthly mortgage payment will depend on the amount you need to borrow, your annual property taxes and insurance and your locked-in interest rate.
This is the mortgage interest rate you'll be paying. Explore different rates to see how your home price is affected.
The accuracy of this calculator is not guaranteed by any party and is intended for educational purposes only. The calculator displayed does not constitute the advice of, or reflect actual products, services, rates and/or terms available from, PNC Bank or its affiliates and nothing contained in the calculator shall constitute an offer or solicitation of a product or service by PNC Bank or its affiliates.
Many loans require a down payment of 5% to 20% of the price of the home—which can be a big chunk of change. But having a sizeable down payment does have benefits:
Before you know how much you need to save, think realistically about how much you’ll be spending on your home purchase. If you don’t have a price range in mind, get pre-approved or use our affordability calculator to determine a reasonable range. Once you’ve got your number, set your sights on saving 5% to 20% of that amount.
If you’re not looking to buy immediately, you can break your savings goal down into more manageable monthly amounts. If you need to save $10,000 and want to buy in about a year, you’ll need to save about $840 a month.
The closing is the final step in the home buying process. Make sure you’re prepared to pay closing costs, which can be up to 3% - 5% of the purchase price.
Within 3 business days of your complete application, the lender will provide a Loan Estimate that details the fees, charges and other costs you can expect to pay beyond the sale price of your home. Closing costs typically include:
Homeowner’s Insurance
Homeowner’s insurance provides financial coverage in the event of a covered loss to your home, other structures or contents. In addition, homeowners insurance provides personal liability coverage for third-party claims.
Disaster Insurance
Insurance designed to protect your home in the event a natural disaster such as fire, flood, earthquake, hurricane or tornado were to strike and cause your home to become unlivable.
Mortgage Life Insurance & Mortgage Accidental Death Insurance
Mortgage life insurance pays off or reduces your mortgage loan balance (up to the policy maximum) in the event of death before the debt is paid, enabling surviving family members to retain their home. Mortgage accidental death insurance pays off or reduces your mortgage loan balance (up to the policy maximum) if your death is the result of a covered accident.
Private Mortgage Insurance
Insurance written by a private company to protect the mortgage lender against financial loss if a borrower defaults on the mortgage.
FHA Mortgage Insurance
An undertaking by the Federal Housing Administration (FHA) to insure the lender against loss if the borrower defaults on the mortgage.
VA Funding Fee
This fee is paid by the Veteran and/or third party, directly to the Veterans Administration, to guarantee a specified portion of the loan, should the borrower go into default.
Flood Insurance
Protection against flood loss through the 1973 Flood Disaster Protection Act.
Consult with a Mortgage Loan Officer to determine which loan best fits your budget.
Decide if you want to lock in your interest rate.
We’ll send you a Loan Estimate outlining the terms. If everything is in order, you can let us know you are ready to proceed.
Your PNC Team will work with you to verify your income and assets, while also arranging your property appraisal.
When everything is approved, your PNC Team will call you to schedule a closing.
To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay.
Be prepared to provide some or all of the items below:
What will my estimated payments be?
Your monthly mortgage payment will depend on the amount you need to borrow, your locked-in rate and other factors.
Interest rates can vary based on the type of loan, your credit score, the amount of equity you have in your home and other factors.
Mortgage rates are subject to change without notice at any time until you have locked in a loan. Actual rate and payment will vary based on your specific situation.
The accuracy of this calculator is not guaranteed by any party and is intended for educational purposes only. The calculator displayed does not constitute the advice of, or reflect actual products, services, rates and/or terms available from, PNC Bank or its affiliates and nothing contained in the calculator shall constitute an offer or solicitation of a product or service by PNC Bank or its affiliates.
Find the home that fits you and your budget. Determine a mortgage payment that you can afford, based on your actual budget and lifestyle. Then start shopping for homes with real‐time rates and loan products.
Preapproval is not a commitment to lend, a condition of loan approval or an application for credit.
Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application directed at various features and functions of Home Insight® and Home Insight® Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
©2023 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association.
Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.