Your (3.5%) down payment is calculated on the selling price ($205,000).
The 3% Closing Costs could be calculated on selling price or mortgage amount. Ask you Realtor about it.
Assuming the you have an FHA mortgage, you mortgage amount will be,
3.5% = 7,175
and if you are rolling over the Up Front Mortgage insurance, that I believe is 1.75%, please correct me anyone if I am wrong, then $1,508
So, your ESTIMATE mortgage amount will be: $199,333.
But, PLEASE, contact your Home mortgage Consultant for a detail explanation of your mortgage expenses based on the specific property and exact closing date.... more