TYPICAL BUYER'S CLOSING COSTS

(revised 07/09/07)

 

Prepared For: John and Mary Doe

Purchase Price: $600,000

Loan Information:

Interest Rate: 6.25%

Loan Period: 30 yrs

Loan Amount: $480,000

Down Payment: $120,000

 

Costs:

* ◄ Escrow Costs ($250 plus $2.00/$1K):
* Insurance Costs:
* ◄ Title Insurance:
* ◄ Loan Fees ($650 plus 1.00 points):
* Tax Impound (2 months, 1.25% annual):
* Insurance Impound (2 months):
# Home Inspection:
◄ Miscellaneous Escrow Fees:
◄ Misc Fees (Notary, Wire, etc):
◄ Regulatory Compliance Fee:
◄ Sub-Escrow Fee to Title Co.:
◄ Appraisal Fee to Lender:
◄ Escrow Loan Tie-in Fee:
+ Geologic Inspection:
+ Mold Inspection:
+ Roof Inspection:
◄ Loan Documents:
◄ Credit Report:
◄ Loan Process/Underwriting:
Property Survey:
* ►Interest Prorations (15 days):

Closing Costs: 


Estimated Cash Needed To Purchase Home:
 $136,419

Less Cash Deposit/Earnest Money:
 - $18,000

Estimated Additional Cash Needed To Close: $118,419

 Prepared By:
Ray Kutylo
The SCV Home Team
at Keller Williams Realty
















$1,450
$1,800
   $609
$5,450
$1,250
   $300
   $350
   $350
   $250
   $225
   $150
   $350
   $150
   $650
   $450
   $250
   $350
     $85
   $400
   $300
$1,250

$16,419


Monthly Costs:

Monthly First Loan Payment: $2,955

Monthly Property Tax: $625

Monthly Insurance Payment: $150

Monthly Association Dues: $45

Approximate Total Monthly Costs: $3,775

* Items above with asterisk are automatically calculated from the information you input.

The Lender will require the Buyer to purchase a 1 year Fire Insurance policy up front (most also include a Homeownerfs policy).

Though optional with 20% or more down, many Buyers prefer impound in order to pay at least 1/12 of their annual Taxes each month.

 

►Assumes closing on the 15th of the month. Usually, the 1st house payment is not due until the 1st of the month FOLLOWING THE 1st

gFULLh MONTH OF OWNERSHIP, i.e. a May 15 closing = a July 1 date for the 1st payment, which is largely for 30 days of interest from

the month before, collected gin arrearsh. The Lender needs to collect interest UP FRONT & BEFORE CLOSING for the number of days

from closing to the end of the month (15 days in the May 15 closing example above).

+ These inspections are at the Buyerfs option depending on the property type and condition, yet itfs suggested they be included on the

Buyerfs Costs breakdown.

◄ These are so-called non-recurring closing costs that many Lenders will allow the Seller to pay for the Buyer, if the Seller agrees.

These fees are generally accepted as standard", yet negotiable between the Buyer and their Lender.

 

The information contained herein is for illustrative purposes only. Although the calculations are believed to be

reliable, they are based on certain ASSUMPTIONS whose ACCURACY CANNOT BE GUARANTEED.