|
Estimates are based on a $250,000 purchase price with a mortgage.
|
Common
Disbursements
|
| Lender Appraisal Fee |
|
|
|
|
|
$300.00 |
| Credit Report |
|
|
|
|
50.00 |
| Mortgage Survey Fee |
|
|
|
|
|
125.00 |
| Mortgage Tax |
|
|
253.00 |
| Title Policy fee |
|
|
1060.00 |
| Escrow Closing Fee |
|
|
|
|
|
544.00 |
| Recording Fees |
|
|
55.00 |
| Administrative Fee |
|
|
|
|
|
200.00 |
| Flood Certification Fee |
|
25.00 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Sub-total |
|
$2612.00 |
| |
| Other Fees
- If your down payment is less than 20% of the purchase
price of the property, the mortgage will require PMI/MIP
insurance. This will result in an additional
out-of-pocket expense of 2.25% of the mortgage. This upfront cost can be financed into the
mortgage |
$2,137.50 |
| |
|
|
|
|
|
|
|
|
|
| There is also a monthly
PMI/MIP 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. |
|
| |
| Property Tax Adjustment -
Between the date of possession and the time your first
mortgage payment is due you will be required to pay
Interest for the number of days left in the month of
closing. |
|
| |
| Insurance
Adjustment - You will have to arrange for
property insurance prior to the date of possession.The
annual rate for a basic policy is approximately |
$467 |
| |
| Suggested cash on had at time of
closing, excluding down payment - a minimum of ... |
Total
$5,216.50 |
