Standard Closing Costs
Brought to you by Pam Dickman
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 feesand credit report
$75 to $300
$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 andinsurance fees
450 to 600
Lender's attorney
150 to 400
Appraisal
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
Survey
125 to 400
Recording fees
40 to 60
75 to 150
100 to 200
Transfer taxes
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
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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