Estimates are based on a $100,000 purchase price with
a $95,000 mortgage
| |
Common
Disbursements
|
| Lender Appraisal Fee |
|
|
|
|
|
$250.00 |
| Credit Report |
|
|
|
|
35.00 |
| Origination Fee (1%) |
|
|
|
|
|
950.00 |
| Settlement and Title Exam fees |
|
|
550.00 |
| Title Policy fee (lender policy only - owner's policy is discretionary) |
|
|
190.00 |
| Endorsement & Flood Certification Fees |
|
|
|
|
|
20.00 |
| Recording Fees |
|
|
65.00 |
| Tax Service Fee to Lender |
|
|
|
|
|
75.00 |
| Underwriting/Document Preparation Fee |
|
250.00 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Sub-total |
|
$2,385.00 |
| |
| Other Fees
If your down payment is less than 20% of the purchase price of the property, the mortgage will require private or government mortgage insurance depending on the type of loan. On government secured loans this will result in an additional out-of-pocket expense of 2.25% of the mortgage which is typically financed into the mortgage. Note: There is also a monthly insurance premium, which is added to the mortgage payment. This premium ranges from .5% of the mortgage value to .78% depending on the size of down payment. |
$ Varies |
| |
| Property Tax Proration -
Because property tax billing is a minimum of 6 months in arrears you will actually receive a credit at closing for taxes owed, but not yet billed. Assuming 7 months this will reduce your cash requirements at closing by about | $ Varies |
|
| |
| Interest - Between
the date of closing and, typically, the first of the next month you
will be required to pay interest for the number of days left in the
month of closing. With an 8% loan this would be a little less than
$21 per day. Assume 5 days. |
$105.00 |
| |
| Home Owner's Insurance - You will have to arrange for property insurance and pre-pay a one year policy prior to closing. The annual rate for a basic policy is approximately |
$350.00 |
| |
| Escrow Account - If you use an escrow account to pay your taxes and insurance bills when they come due, your monthly mortgage payments will include a portion (1/12 of the annual bill) of the tax and insurance payments. Your lender will hold these funds in an escrow account until payment of the bills is due. You will also have to fund the initial establishment of the account. The amount of this initial establishment varies depending on the length of time between the closing date and the due date(s) for property taxes. The amount listed assumes an initial required deposit of approximately 4 months insurance and property taxes. |
$500.00 |
| |
| Other - If you agreed to pay "points" to improve your payment terms you will have $95,000 x (the points agreed) to due at closing |
$ Varies |
| |
| Suggested cash on had at time of closing, excluding $5,000 down payment and any credit for earnest money - will be a minimum of ... |
Total
$3340.00 |
