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Closing Costs

 
 
Below is a typical closing costs of a purchase of the house of $200,000.00 with 10% down
 
 
 30-Year Fixed Rate 
 
Total Lender's Fees  
$2,465.00
 Third Party Fees$2,835.36
 Estimated Prepaid Items
(Interest & Insurance)
$1,086.25
 Estimated Escrow Account Funds$583.33
 
 Total Estimated Closing Costs$6,969.94
 Down Payment$20,000.00
 
 
 Total Cash Required to Close$26,969.94 

 
  
 
 Loan Amount$180,000 
 Interest Rate5.750% 
 Points1.000% 
 Principal & Interest Payment$1,050.43 
 Taxes & Insurance Payment$291.67 
 Mortgage Insurance Payment$78.00
 
 
 Total Monthly Payment$1,420.10 
 
 Estimated Lender's Closing Costs 
 Total lender fees$665.00 
 Points ($) for the loan selected$1,800.00
 
 
 
Total Lender's Fees  
$2,465.00 
 
Points & Lender Fee
 HUD# Amount
 0802
Points (0.01 * 180000)  
$1,800.00
Discount Points vary based on loan product and amount. To reduce your costs, you may decide to select an interest rate with fewer discount points. Once your rate is locked in, it is guaranteed not to go up!
 0809Lender Fee $665.00
These fees represent our cost of processing, underwriting, and closing your loan. We guarantee that this amount will not increase.
 
Total Lender's Fees 
$2,465.00
 
Third Party Fees
 HUD# Paid ToAmount
 0819Courier/Express Mail Third Party$40.00
 1107Escrow/Attorney Third Party$115.00
 0811Flood Check Third Party$26.00
 1201Recording Third Party$70.00
 1301Survey Third Party$270.00
 0810Tax Service Third Party$81.00
 1302Termite Report Third Party$70.00
 0804Credit Report Credit Bureau$35.00
 0803Appraisal Appraiser$315.00
 1203Mortgage Tax Closing Agent$990.00
 1102Abstract/Title Title Agent$95.00
 1103Title Exam Title Agent$50.00
 1109Title Insurance Title Agent$553.36
 1113Title Insurance Endorsements Title Agent$125.00
Title Company and Attorney Fees are determined by the property state and the company you choose to use, so we can only provide you with an estimate at this time. This represents the lender's policy only. In some states an owner's policy is also required or may be negotiated between buyer and seller.
 Total Third Party Fees $2,835.36
 
Prepaid Items
 
 Prepaids represent funds for the initial payment of interest on your loan. Prepaid interest varies depending on which day of the month you close. It covers the interest that accrues on your loan from your closing date until the last day of the month. Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly.  
 
 You will also need to provide the initial premium for your homeowner's insurance policy. In some cases this may include flood, earthquake or other insurance coverage as well. The Lender may be able to assist you in obtaining a competitive quote through affiliated insurance companies.
 
 We'll keep you informed about cash to cover prepaid expenses for your new loan and property.
 
HUD#Amount
901Prepaid Interest (est. 3 days)$86.25
903Homeowner's Insurance$1,000.00
 
Total Estimated Prepaids$1,086.25
 
Escrow Account Funds
 
 An escrow account may be required to cover the future payments for items like homeowner's insurance and property taxes. They do not represent fees; instead, they establish the funds needed to properly service your loan. These costs will be the same regardless of the lender you choose.
Note: As taxes are due at various times, the deposit needed for taxes may vary from 2 to 8 months. If you are purchasing your home, the seller may be responsible for a portion of these taxes.
 
 
 HUD#Amount 
 1001Homeowner's Insurance (2 months)$166.67 
 1002Mortgage Insurance (0 months)$0.00 
 1004Taxes (est. 2 months)$416.67
 
 
 Total Estimated Escrow Costs$583.33