The following is estimated for a $750,000 home in Montgomery County.
PRICE OF HOME
Type of loan
Term (years) of loan
10% Down
Amount of loan
Estimated interest rate
Approx. Earnest Money |
750,000
Conventional
30 years
75,000
675,000
6.5%
25,000 |
| |
|
LOAN RELATED FEES
Appraisal Fee
Credit Report Fee
Misc. Lender Fees
|
400
60
700 |
| |
|
PREPAIDS OR ESCROW ITEMS
Prepaid Interest (Per Diem)
Hazard Insurance (1 year)
Hazard Insurance Escrow
Prepaid RE Taxes (8 months)
|
142 (one day)
1,000
166
5333($8000 annual) |
| |
|
TITLE CHARGES Settlement Fee (legal)
Title Insurance ($4.25 per $1,000) |
3,187 |
| |
|
GOVERNMENT RECORDING AND TRANSFER FEES Recording Fees
County Transfer Tax
State Transfer Tax
Recordation Tax
|
200
3750 1/2 % with equal amount paid by seller
1875 1/4 % with equal amount paid by seller ****
2587 (6.90 per $1,000) equal amount paid by seller |
*** First time home buyers are exempt from the State Transfer Tax |
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|
ADDITIONAL SETTLEMENT FEES
Survey
Pest Inspection
TOTAL CLOSING COSTS
|
200
50
11,849 |
** First time home buyers exempt from State Transfer Tax |
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|
DOWN PAYMENT
TOTAL MONEY NEED TO BUY
LESS EARNEST MONEY
CASH NEEDED AT SETTLEMENT |
$75,000 (@10%. This amount is negotiable).
$86,849
$25,000
$61,849 |
| |
|
ESTIMATED MONTHLY PAYMENT
Principal & Interest
1 Month RE Taxes
1 Month Hazard Insurance
MONTHLY PAYMENTS |
4,266
666
83
$5,015 |
All financial information is estimated and may vary from buyer to buyer based on PMI, Internet rates, Insurance, lender fees and other actual costs
