How much are closing costs, on a $130k house?
I'm curious to know how much closing costs are on a $130k, house. Is there any way of calculating this?
I know there has to be a title search, and inspections, and then there is the closing company which actually does the closing.
Can anyone explain what's covered in closing costs and how much I might be looking at paying?
A good rule of thumb to calculate estimate of closing costs is use 6% of the sales price. So for a 130K property the estimated closing costs will be $7800.
Other fees included are your bank fees and if in your area you have transfer tax.
Depending if you plan on escrowing your taxes, you will have pre-paids to pay at closing. Pre-paids are monies collected at closing for your taxes and insurance. They are required to have money available for when taxes and insurance are due.
Hope this helps. Good luck.
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