Estimating Your Closing Costs

This worksheet can be used to prepare an estimate of the costs entailed in the closing of a home. It is suggested that you consult your attorney for any closer estimates of the costs of your particular situation. A short time before closing, your attorney should be able to provide you with more precise figures for your closing costs.

-FOR SELLERS –
Legal Fee

Generally $1,500-$2,000, depending on the attorney and the transaction.

$_______

Real Estate Commission

Depends on the terms of the listing agreement.

$_______

Realty Transfer Tax
Calculate here

Mortgage Payoff

$_______

Other Liens

Must be removed from property before sale.

$_______

Tax Adjustment

Usually a credit (sometimes a charge) to seller, to adjust for taxes paid short-of or beyond the closing date.

$_______

Water/Sewer Adjustments

$_______

Inspection Repairs

As may be required following inspection.

$_______

Association Fees

As may be required by Condo/Co-op Association.

$_______

Estimated Total

$_______

-FOR BUYERS –
Legal Fee

Generally $1,500-$2,000, depending on the attorney and the transaction.

$_______

Title Search/Insurance

Approximately .5% of purchase price.

$_______

Recording Fees

Required by local County clerk about $500 (per instrument to be recorded).

$_______

Survey

of property, if required, averages $650-$850.

$_______

Homeowners Insurance & (if applicable) Flood Insurance

Contact your insurance agent.

$_______

Mortgage Application Fee

set by lender, $250-$500.

$_______

Lender’s Attorney Review Fee

Contact Mortgage Representative

$_______

Credit Report and Appraisal Fee

Contact Mortgage Representative

$_______

Prepaid Interest

Paid to lender, covers interest on mortgage beginning from day of closing to end of first month.

$_______

Escrow Fees

Paid to lender, covering approximately…
3 months real estate taxes
3 months fire/flood insurance
3 months PMI premium where applicable.

$_______

Points

Paid to lender, usually 1-3 (1 “point” = 1% of mortgage).

$_______

Private Mortgage Insurance

Usually required if mortgage is more than 80% of purchase price.
Contact mortgage representative.

$_______

Termite/ Home Inspection

$_______

Association Fees

As may be required by Condo/Co-op Association.

$_______

Mansion Tax

1% of purchase price over $1 Million.

$_______

Estimated Total

$_______

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