Before you find the house of your dreams, it’s important to gauge how much money you’ll need at closing.Although many lenders offer “zero point” loans to borrowers to help reduce your costs, there are still plenty of fees and deposits that you’ll have to make during final closing. Here’s an example of what you can expect to pay:
|
Fees for a $50,000 Loan |
Fees for a $100,000 Loan |
Fees for a $200,000 Loan |
Loan application fees
and credit report |
$75 to $300 |
$75 to $400 |
$75 to $400 |
| Loan origination fee (1%) |
500 |
1,000 |
2,000 |
| Points (1 to 3%) |
500 to 1,500 |
1,000 to 3,000 |
2,000 to 6,000 |
Title search and
insurance fees |
450 to 600 |
450 to 600 |
450 to 600 |
| Lender’s attorney |
150 to 400 |
150 to 400 |
150 to 400 |
| Appraisal |
150 to 400 |
150 to 400 |
150 to 400 |
| Homeowner’s insurance |
300 to 600 |
500 to 800 |
700 to 1,000 |
| PMI |
350 to 675 |
750 to 1,500 |
900 to 1,750 |
| Inspections |
175 to 300 |
175 to 300 |
175 to 300 |
| Survey |
125 to 400 |
125 to 400 |
125 to 400 |
| Recording fees |
40 to 60 |
75 to 150 |
100 to 200 |
| Transfer taxes |
75 to 1,125 |
75 to 1,125 |
75 to 1,125 |
| Buyer’s attorney |
400 to 700 |
1,200 to 1,500 |
1,500 to 3,000 |
| Escrow deposit for taxes* (depends on closing date) |
100 to 800 |
100 to 2,400 |
100 to 3,000 |
| Partial month’s interest (depends on closing date) |
20 to 400 |
50 to 1,200 |
100 to 2,400 |
| Subtotals |
$3,335 to $8,660 |
$6,125 to $8,850 |
$9,550 to $22,975 |
| Plus Down Payment |
$5,000 |
$10,000 |
$20,000 |
| Totals |
$8,335 to $13,660 |
$16,800 to $18,850 |
$29,500 to $42,975 |
Note:* Real estate closing practices vary widely from state to state and county to county. Where you live will determine what you will have to pay. Even if you are not required to escrow money for taxes, you may want to set aside this amount to assure that you will be able to pay these tax bills when they fall due.
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