Most folks have no idea on what the cost to buy a house is. Sounds like a trick question right? If the house is 500k then that’s what it cost. NOOOOO!
OK, so let’s assume that you will be financing 400k the 500k purchase and that you will be utilizing the FAR/BAR As-Is contract. NOTE: The costs associated with your loan will vary from one lender to the next so check these with your lender.
General Property Inspection – $500.
Termite inspection for a Wood Destroying Organism (WDO) – $80.
Application to HOA – $250?
Application to COA – $100?
Land Survey – $450
Fl Intangible Tax = 0.002*(Loan Amount) = $800
Fl tax on the debt = 0.0035*(Loan Amount) = $1,400
BTW, this Contract has the Seller paying the doc stamps on the deed. ($3,500)
Record Deed and Mortgage in public record = ~$200
Fee to the Closing Agent to close the loan = $750
Prepay the first year of Flood Ins = $600 ???
Prepay the first year of Home Owners Insurance = $1,500 ???
Prepay the first year of Wind Storm Insurance = $4,000 ???
Starting Escrow account funds for 3 months of insurance and taxes. If the taxes are $8,000 per year then 3/12*(600+1500+4000+8000) = $3,525
Lenders Title Insurance Policy = ABOUT $400.
And, this is an example of some of the fees your Lender will charge:
