GOOD FAITH ESTIMATE

INFORMATION CONTAINED IN A GOOD FAITH ESTIMATE THE BELOW IS NOT A GOOD FAITH ESTIMATE, IT IS AN
ESTIMATED BUYER'S ESTIMATED CLOSING COST ESTIMATE FOR A $750,000 HOME IN MONTGOMERY COUNTY, MD. A LENDER'S GOOD FAITH ESTIMATE WILL BE APPROXIMATELY THE SAME.

SETTLEMENTS COSTS FOR RESIDENTIAL REAL ESTATE
IN MONTGOMERY COUNTY, MARYLAND****

Estimate approximately 2/3 for Northern Virginia settlements

PRICE OF HOME
LOAN TYPE
LOAN TERM
DOWN PAYMENT (20%)
LOAN AMOUNT
INTEREST RATE
REAL ESTATE TAXES
EARNEST MONEY DEPOSIT

$ 750,000
Conventional Jumbo
5 YEARS
$ 150,000
$ 600,000
6%
$ 8,000
$ 25,000
   
LOAN RELATED FEES  
   
Appraisal Fee
Credit Report Fee .
Misc. Lender Fees 750
$400
60
750
   
PREPAIDS OR ESCROW ITEMS  
   
Prepaid Interest (Per Diem)
Hazard Insurance (1 year)
Hazard Insurance Escrow .
Prepaid RE Taxes (8 months)
MIP (2 months)

TITLE CHARGES Settlement Fee (legal)
Title Insurance ($4.25 per $1,000)
119 (one day)
1,200
200
4,000
1,333

500
3,200
   
GOVERNMENT RECORDING AND TRANSFER FEES  
   
Recording Fees
County Transfer Tax
State Transfer Tax
Recordation Tax

** Transfer and recordation taxes will be paid in full by buyer for new construction.

*** First time home buyers are exempt from the State Transfer Tax

150
3,750 (equal amount paid by seller)
1,875 (equal amount paid by seller)
2,587 (equal amount paid by seller)
   
ADDITIONAL SETTLEMENT FEES  
   
Survey
Pest Inspection
TOTAL CLOSING COSTS

** First time home buyers exempt from State Transfer Tax

200
60
$ 20,384
   
DOWN PAYMENT
TOTAL MONEY NEED TO BUY
LESS EARNEST MONEY
CASH NEEDED AT SETTLEMENT
$ 150,000
$ 170,384
$ 25,000
$ $150,384
   
===============================================================
ESTIMATED MONTHLY PAYMENT

Principal & Interest
1 Month RE Taxes
1 Month Hazard Insurance ($1,200 annum)

MONTHLY PAYMENTS


$3,596 @ 6%
666
100

$4,362
 
All financial information is estimated and may vary from buyer to buyer based on PMI, Internet rates, Insurance, lender fees and other actual costs