Extra cash needed to close at the contract price
The gap between price and appraised value is $0
The appraisal came in at or above the contract price, so there is no shortfall and your planned loan and down payment are unchanged.
Three ways the gap can be resolved
Loan amount and cash to close, before closing costs, for each outcome.
How this is calculated: on a purchase, loan-to-value is figured against the lower of the sales price or the appraised value (Fannie Mae Selling Guide, B2-1.2-01). The loan is your planned loan-to-value times the lower number, and your cash to close is the price minus that loan. Closing costs, mortgage insurance, and program limits are not included. Government-backed and other loan programs have their own appraisal rules, so confirm the real figures with your lender. This is an illustration, not a loan quote or appraisal advice.