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Down payment/ closing cost

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jbee
Regular Contributor

Down payment/ closing cost

Can someone tell me how much is the typical closing cost for a $120,000 loan.  I know that each state may vary but I just wanted to get an idea of how much I will be looking at.  Also, does the closing cost include the 3.5% FHA down payment.

 

Thanks for your help.Smiley Wink


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 1 of 10
9 REPLIES 9
jbee
Regular Contributor

Re: Down payment/ closing cost

Does anyone know about this?


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 2 of 10
Anonymous
Not applicable

Re: Down payment/ closing cost

The smaller the loan, the larger the percentage in general because some of the costs are fixed so they become a smaller percentage in a larger loan.  I would expect somewhere in the neighborhood of 10% total.  I would say 10-12K

Message 3 of 10
jmack711
Regular Contributor

Re: Down payment/ closing cost

I have a loan for $98,500 and the closing costs are just under $6,000 so I would say no more than that.

Message 4 of 10
jbee
Regular Contributor

Re: Down payment/ closing cost

Thanks....does that total include your down payment?


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 5 of 10
jbee
Regular Contributor

Re: Down payment/ closing cost

Also.  Did you do FHA or USDA.  If you don't mind me asking what was your interest rate and how much are your total monthly payment.

 

ThanksSmiley Wink


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 6 of 10
Anonymous
Not applicable

Re: Down payment/ closing cost

On a $128,000-and-change, FHA-guaranteed mortgage 13 months ago in Tennessee, total funds to close -- from both me and the seller -- were just under $9,000. As you know, it will vary by location and circumstance.

 

Message 7 of 10
jbee
Regular Contributor

Re: Down payment/ closing cost

Thanks, was that including your 3.5% down payment?


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 8 of 10
Anonymous
Not applicable

Re: Down payment/ closing cost

The GFE I was given for a LOAN amount of 112,000 in DE (read low property taxes (under 1000/yr and insurance 540/yr.)  Had me bringing $33066.45 to the table ($28,000 was down payment so really only $5066.)    They wanted to roll the MIP fee into the loan which was $1,960 (I believe that was the 1.75% cost) so my loan would have been $113,960.  Otherwise I would have had to pay it at table.  My Mortgage insurance would have been $51.33 a month in addition to my P&I, taxes and insurance.  My payment would have been $829.47 and only $638.14 would have been principal and interest based on a $113,900 loan..  Just something to keep in mind while you are doing numbers.   

 

If you go to bankrate and say I can afford $500 per month they will tell you that your loan would be x.  X is just the P&I.   You need to add in the homeowners insurance, mortgage insurance and taxes... also keep in mind that you will have home owners association fees, higher utilities, emergency service funds, sewer bills, water bills, possibly a longer commute, meaning more gas and wear and tear.

 

If I had to bring 3.5% on a 140,000 purchase price I would have brought about $10,000 and added $2,000 -$2400 to my loan amount for the MIP fee.  (I had to pay 14 months of home owners insurance and 14 months of taxes at the table.  My down payment plus the lenders fees. and recording fees)   In Delaware, first time home buyers get a discount on transfer taxes. 

 

Basically, I would expect at least $5000 to $6,000 NOT including your down payment.   This does not include settlement help discounts. 

Message 9 of 10
jbee
Regular Contributor

Re: Down payment/ closing cost

Thanks!!


3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 10 of 10
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