How Much of Your Cash to Close $10,000 Covers
Program and regulatory figures verified September 26, 2026. Details change; confirm your scenario with us.
One input. The output that matters is the last row: what you still need to bring after the assistance is applied.
The calculator
| FHA, 3.5% down | Conventional, 3% down | |
|---|---|---|
| Down payment | — | — |
| Closing costs and prepaids | — | — |
| Total cash to close | — | — |
| MI 10K DPA applied | — | — |
| Left to bring | — | — |
| Share of cash to close covered | — | — |
Down payment percentages are the standard agency minimums for illustration. Closing costs and prepaid expenses vary by transaction; the default here is an illustration, not a quote. No rate or payment figure is included or implied.
Reading the last two rows
The row labelled left to bring is the only number that decides whether you can buy this month or next year. Everything above it is intermediate.
At Michigan's lower price points the assistance often covers the whole down payment and a chunk of the closing costs. At the top of the state's range it covers the closing costs and part of the down payment. Both are useful; they are useful in different ways, and knowing which situation you are in changes how much you need to save.
Why the max-financing clause matters here
MSHDA states that max financing is not required. Read against this calculator, that means you can choose a structure where you put more of your own money in and use less of the assistance, or one where the assistance does the work and your savings stay intact.
Plenty of state programs will not let you make that choice: they require the maximum first mortgage before the assistance applies. Michigan leaves it open, which is worth a conversation rather than a default. The assistance in detail.
FHA against conventional on a MSHDA file
The down payment difference is small at these prices. The differences that actually matter are mortgage insurance treatment and property condition standards, and on a MSHDA conventional loan there is an extra constraint: private mortgage insurance is acceptable only from MGIC or ARCH, using Fannie Mae HFA Preferred or Freddie Mac Home Possible Advantage.
FHA with assistance · conventional with assistance.
What this cannot settle
Whether your income clears the county limit, which is the test that decides most Michigan files. Check it. Whether the address is targeted, which decides whether a repeat buyer is eligible at all. The county picture. And whether the file underwrites, which needs documents rather than arithmetic. Send them.
Frequently asked questions
How much of my down payment does MSHDA assistance cover?
Up to $10,000 of it, and whether that is all of your down payment or part depends on the purchase price. The assistance can also go toward closing costs and prepaid expenses, so at Michigan's lower price points it often covers the entire down payment plus some closing costs, while at the top of the state's range it covers the closing costs and part of the down payment.
Can MSHDA assistance be used for closing costs?
Yes. MSHDA describes the MI 10K DPA as going toward down payment, closing costs and prepaid expenses, which is broader than the name suggests. A buyer who has saved a down payment but not the closing costs and escrows can still use the assistance, and that is often where the real shortfall is.
Do I have to take the largest possible mortgage to get MSHDA assistance?
No. MSHDA states that max financing is not required, which means you can bring more of your own funds and use less of the assistance if that suits you better. Many state programs require the maximum first mortgage before assistance applies, which pushes your loan amount and mortgage insurance up. Michigan leaves the structure open.
Is FHA or conventional better with MSHDA assistance?
The down payment difference between 3.5% and 3% is small at Michigan prices, so the decision turns on mortgage insurance treatment and property condition standards instead. On the MSHDA conventional route there is an extra constraint: private mortgage insurance is acceptable only from MGIC or ARCH, using Fannie Mae HFA Preferred or Freddie Mac Home Possible Advantage. We run both against your actual file.
Does this calculator include a monthly payment estimate?
No. We do not publish rate or payment figures on this site, so the calculator sizes cash to close only. A payment estimate without a locked rate and a real file behind it is a guess presented as a number, which is worse than no figure at all. Ask us for a quote on your scenario and the assumptions will be written down alongside it.
Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not legal or tax advice. MSHDA program terms, income limits and sales price limits are set by the Michigan State Housing Development Authority and change; figures here carry the date we verified them against MSHDA's published documents. Targeted-area status is determined by MSHDA at city and township level and must be confirmed for the specific address. Loans are subject to borrower and property qualification.