It will depend on how much you want to put down for payment . If you are going to put down 20% then it would be around $1890 monthly mortgage payment and the closing cost is around $9135. If you are first home buyer then you can qualify for 3% down payment by applying for government back up loan such as CALFHA. For more detail you can request for more information on my website
I do mortgages so here's what I would estimate closing costs to be for my client. However the fees will vary for you depending on the vendors.
- Appraisal $200-400
- Credit report $25
- Lender fees $800-1000
- Escrow & title fees $300-500, lender's title insur depends on your loan amount
- Recording fee $100
- City and/or county transfer tax - depends in city/county. Est about $500 for Mt View
- Hazard insurance premium - $500-800, may be more if flood insurance is needed. Condos/townhomes usually have HOA that covers insurance.
- Inspections if you desire - $300-800
- Prepaid prorated interest & property tax - depends in interest rate & when you close. Probably $1000-3000
Total probably around $5000-7000
If you pay all cash, then these are not needed: appraisal, credit report, lender fees, lender's title insurance - altogether about $1500-2000
If you're dealing with a special situation like buying a brand new home or foreclosed property, then you may end up paying for other fees as well.
You can negotiate the closing cost to be what you want. This is something you'd need to discuss with your Realtor. You can also ask your Realtor to get an estimate of closing cost form the title company for a home you have in mind or a home close to what you're looking for. This will give you the most accurate data.
Good luck with your search!
The primary difference between buying a home with cash or using a loan are the direct costs of acquiring the loan, plus the title insurance the lender will require. Your lender will charge you an application fee, appraisal fee, other miscellaneous costs, plus any points should you desire to buy down the interest rate of the loan.
This may sound confusing, but once you see a HUD statement, it will make more sense. When you talk to your lender, ask her/him what they will be charging. The Title Co will charge about 1.5% for the insurance for the title.
All the other costs associated with buying the home will be the same, no matter how you purchase the home.
Happy House Hunting!
As a rule of thumb, buyer's closing costs are 3% of the purchase price plus whatever points you are paying for the loan. Of course, everything is negotiable, but on a $300K purchase this should be close.
Wishing you the best of luck in finding your new home and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty