Closing Costs |
An example of closing costs. The following table gives a rough estimate of closing costs for a $100,000 mortgage with a 5% down payment. This is only an estimate and your closing costs will vary depending on the part of the country you live in and the size of your loan. Review the Good Faith Estimate prepared for your mortgage loan. You may be able to reduce your costs by shopping around for lower cost providers of closing services such as legal representation, title insurance, hazard insurance, and inspections.
Estimated Closing Costs for $100,000 Mortgage Loan, 95% Loan to Value
| Loan application fee (includes credit report and property appraisal) | $300 |
| Loan origination fee (covers administrative costs) | 1000 |
| Title search and insurance fees (assures a "clear" title) | 500 |
| Hazard insurance (Home Owner's Insurance) | 400 |
| Private Mortgage Insurance (2 Monthly Premiums) | 112 |
| Inspections (Structural and Mechanical, Termite) | $350 |
| Land Survey | 150 |
| Recording fees (at local government office) | 50 |
| Transfer taxes | 1000 |
| Buyer's attorney | 500 |
| Escrow deposit for taxes (depends on closing date) | 325 |
| Partial month's interest (depends on closing date) | 300 |
| Total Estimated Closing Costs (excluding down payment) | $4987 |
| As a percent of loan amount | 5% |
Your exact closing costs will depend on where you live, how much you are borrowing, how you finance your mortgage and your closing date. Sometimes the seller of the house may agree to pay some of the costs. The seller is generally permitted to pay closing costs up to 3% of the sales price or appraised value of the home, whichever is less. Always remember that the closing costs are in addition to your down payment.
| Our interactive calculator can help you estimate your closing costs |
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