Below are some helpful calculators for determining some of your closing costs as a buyer. These are estimates and are provided as a general guide. Keep in mind, each lending institution (mortgage company) and home will have different actual costs.
How much will I need for closing?
When calculating closing costs it is important to consider some items that you may easily overlook. Something to consider would be expenses that will be necessary BEFORE close and also expenses necessary AT CLOSE.
BEFORE CLOSE: Here is a break down of estimates BEFORE CLOSE. This is also included in the “Buyer’s Guide” available for download:
* Earnest Deposit – to show your interest in the property to the seller – 1-2% or more if you wish to show stronger interest (a good idea in a competitive market)
* Professional Inspections: $350-$625
Typically those would include: $350 for the home inspection
$125 for Termite
$150 for Radon
* Appraisal Fee – will vary by lending institution but typically it is in the range of $350
* Home Insurance – if your loan requires you to escrow for taxes and home insurance, typically you need to plan on 2 months work of insurance to start the escrow fund – $50 a month x 2 = $100
[closingcosts loan_amount=”275000″ title=”Closing Costs Estimate” width=”250″]
How much home can I afford?
Everyone has their own approach to financing, but many lenders have a set standard for assisting you in calculating how much home you can afford. Below is a calculator that uses a formula similar to that of the loan officers to assist you understanding what a good loan amount might be. This is designed as an estimate, you may feel more comfortable with a different numbers and the ultimate decision will be in the hands what you and your loan officer decide.
[affordability interest_rate=”4.5″ title=”Mortgage Affordability Estimate” width=”250″]
What will my monthly mortgage be on a house I am interested in?
Here is a simple calculator for the approximate mortgage payment based on the homes list price. You can adjust the down payment percentage and the interest rate to match your situation. Also, the insurance rates and taxes are an approximate based on averages for the area – these figures will vary based on where your home is located and the type of home it is.
[mortgage price_of_home=”275000″ interest_rate=”4.0″ title=”Mortgage Calculator” down_payment=”20″ mortgage_term=”30″ width=”250″]
Select Videos On Buying A Home in Today’s Market: