Closing Cost Calculator: How Much is the Cost of Closing on My Mortgage?
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Separately, costs for getting a new home loan might not seem that bad. However, all together, the cost of closing on a mortgage can be a large sum of money you may not have budgeted when deciding to get a new mortgage. This closing cost calculator will help you get an estimate of what your cost of closing will be to help you better prepare yourself financially for all the costs of your new home loan.
CLOSING COST CALCULATOR
THE COSTS OF CLOSING
BASIC MORTGAGE INFORMATION
Obviously, the most crucial information to know when it comes to the cost of closing on a mortgage are the details of the mortgage itself. This includes (1) the purchase price of the property itself, (2) the amount of the loan taken out to pay it off, (3) the loan term in years (typically 15 or 30) and (4) the interest rate.
You’ll also want to know what your yearly property tax and property insurance costs will entail.
SERVICES REQUIRED BY THE LENDER
Additionally, the mortgage lender may require any or all of these services to be provided at additional costs. They include:
- An appraisal of the property, which can generally be expected to cost between $300 and $600.
- A credit report, which can often be garnered without cost.
- Flood certification. This is a fee that is mandatory only in certain areas and generally costs in the range of $50 to $150.
- Tax services fee
- Title insurance for the lender. Title insurance guards against any problems that may arise with the title transfer.
- Title insurance for yourself. The total costs of title insurance can often range in price up to around $800 or so.
- A recording fee. This is charged by the local county or city government for recording a real estate purchase or sale making it part of the public record.
SERVICES YOU CAN SHOP FOR
In addition to those services required by the lender, there are additional services you may want to request yourself. These include the likes of a land survey and a pest inspection.
Inputting all this information into our closing cost calculator will give you a good sense of what the cost of closing will be. Armed with this information, you’ll be better prepared to sign on the dotted line and get the home of your dreams.