How
Much is All This Going To Cost
The
actual money spent for closing consists of 2 parts. You have the expenses
you will incur just to take over ownership and you will begin to pay your
ongoing expenses.
Some
of your expenses are the same for any house your purchase, however many of
the expenses are dependent on the size of the mortgage you will be taking.
We
will use the example of a $110,000 purchase with a mortgage of $100,000.
The estimated property tax is $1,000.00 per year.
Expenses
to take over ownership:
| Attorney Fee
(can range from $500 to $1,500) |
$1,000.00 |
| Engineer (can
range from $300 to $600) |
450.00 |
| Appraisal (1
family home) |
350.00 |
| Application Fee |
175.00 |
| Credit Reports |
50.00 |
| Bank Attorney |
700.00 |
| Title Searches |
300.00 |
| Title Insurance* |
800.00 |
| NY
State Mortgage Recording Tax* |
770.00 |
| NY City Mortgage
Recording Tax (if applicable)* |
1,000.00 |
| Filing Fees |
200.00 |
| Flood
Certification |
25.00 |
| Misc.
Bank Fees |
600.00 |
| Total
cost to take title |
$6,420.00 |
Prepaid
Items:
| 6 months
property tax |
600.00 |
| 1 year
homeowner’s insurance* |
700.00 |
| 1 year Mortgage
Insurance* |
350.00 |
| Interim
Interest* |
325.00 |
| Total Prepaid
Items |
$1,975.00 |
Summary:
| Down Payment |
$10,000.00 |
| Closing
Costs |
8,395.00 |
| Total Cash
Needed to Close on this Purchase |
$18,395.00 |
*Estimate
will vary based on the size of the mortgage and\or purchase price.
Note:
The mortgage recording tax only applies on properties located in New York
State. |