estimate closing cost buyer

.**This includes 2 different costs:
1) Tax Adjustments to Seller-Reimburses the Seller for the balance of the property taxes paid for the Current Tax Year

2) Tax Escrows to Lender-For the new Lender so it has enough to pay for the Next Tax Year.

NOTE-The total of both combined usually equals ~ 1 year of property tax. The closer to the end of the tax year the closing occurs, the less that will be owed to the Seller for the remainder of that year. At the same time, the new tax payment will be coming up sooner and as a result the lender will need more money in escrow to make up for the reduced number of payments it will have received by the time the tax is due.

EXAMPLE- Closing is in November 1. For the Town Tax (Usually paid in January), the Buyer will owe the Seller ~ 2 months (November and December of that year) and the Lender ~ 10 months (for the January payment of the following year which will be coming up in 2 more months)

Purchase Price		$
Down Payment On Signing the Contract (5%-10%)*		$
Loan Amount		$
Balance Due to Seller at Closing (Not including Adjustments)	L	$
Owed to Seller + Lender
1 Year Property Taxes (= Taxes owed to Seller & Lender) **		$
Other Adjustment to Seller (Fuel in tank, Common Charges Paid, etc.)		$
Owed to Title Company
Title Insurance - For Buyer	~	$
Title Insurance - For Lender	~	$
Survey Inspection (If there is a usable survey)(~$75-$200)	~	$
New Survey (If there is not a usable survey)(~$650+)		$
Other Title Charges (Town Searches, Recording Fees, Etc.)($350-$600)	~	$
Mortgage Tax		$
Owed to Lender (Lender will provide costs in Good Faith Estimate)
Lender's Attorney Fees		$
Points (Includes Origination and/or Discount Fee)		$
Appraisal Fee		$
Document Preparation Fee		$
Application and Credit Report		$
Flood Certification		$
MIP (Mortgage Insurance Payment)		$
Underwriting Fee		$
Pre-Paid Interest (~15 days of interest on loan)		$
Other Fees to Lender (Include the total of any other fees disclosed by the Lender not stated above)		$
Total Estimated Closing Expenses		$
Balance Due to Seller at Closing (Not including Adjustments)	L	$

TOTAL FUNDS NEEDED AT THE CLOSING	L	$
.
.

.
*The Security Deposit provided to the Seller upon signing the contract. - It is not necessarily related to the amount of the Purchaser's mortgage. - Usually it is 10% unless negotiated otherwise with the Seller.
.
.*This includes 2 different costs: 1) Tax Adjustments to Seller-Reimburses the Seller for the balance of the property taxes paid for the Current Tax Year 2) Tax Escrows to Lender-For the new Lender so it has enough to pay for the Next Tax Year. NOTE-The total of both combined usually equals ~ 1 year of property tax. The closer to the end of the tax year the closing occurs, the less that will be owed to the Seller for the remainder of that year. At the same time, the new tax payment will be coming up sooner and as a result the lender will need more money in escrow to make up for the reduced number of payments it will have received by the time the tax is due. EXAMPLE- Closing is in November 1. For the Town Tax (Usually paid in January), the Buyer will owe the Seller ~ 2* months (November and December of that year) and the Lender ~ 10 months (for the January payment of the following year which will be coming up in 2 more months)
Sellers-Closing Costs Calculator