how much does it cost to buy a house?
i live in houston texas and i am looking to buy a house. i will be buyinh a 120 to 150,000 house. i want to know, what are the fees associated with buying a house, do i pay taxes like when buying a car, what are closing costs, orogination fess etc and can i pay off the house early. if so, are there any penalties.
i tried to find a realtor but they seem to be more greedy than i thought. all they want is 50 dollars for this and 100 for that and showing me some messed up houses. i have 24000 cash as downpayment and im looking for a house not more than 2 yrs old. if anyone has ever bought a hosue, please share the info.
I am in Pennsylvania so I can give you an idea of what the cost to buy here are. This will give you a ballpark idea.
For a 135,000 home, FHA loan, 5.5% interest, 4000 yearly taxes, 600 yearly insurance. Calculations are based upon using your $24,000 available to cover closing costs and downpayment to mortgage(15,000).
Estimated closing costs are:
1. Title
(a) Title Search/Insurance $1,033.75
(b) Closing Protection Letter $35.00
(c) Title endorsements $150.00
(d) Settlement/Notary Fees $25.00
(e) Recording Fees: Mortgage and/or Deed $125.00
(f) Transfer Tax1% $1,350.00
(g) Tax Cert $45.00
(h) Email docs/overnight $30.00
2. Broker's Fee $-
3. Property Homeowner's Insurance
(a) First Year's Premium $600.00
(b) Lender Escrow 0 months $-
4. Real Estate Taxes (Reimbursement and Escrow)Adjustments
(a) School Tax $3,000.00
(b) County Tax $600.00
(c) Municipal Tax $400.00
(d) Lender Escrow0 months $-
(e) Association Fees $-
(f) Association Fees (transfer, capital fee) $-
(g) Lienable Utilities $-
5. Inspection Fees
(a) Property Inspection $375.00
(b) Wood Infestation $50.00
(c) Radon $75.00
(d) Water $50.00
(e) Septic $75.00
(f) Other $-
6. Lender fees
(a) Fees charged as a Percentage of the Loan $-
(b) Appraisal and Credit Report(s) $335.00
(c) Mtg Ins Escrow0 months $-
(d) Mortgage Insurance Premium $2,100.00
(e) VA Funding Fee $-
(f) Lender fees(Underwriting, Prep,Doc) $624.00
(g) Interest from settlement date until end of
month, at $18.40 per day for 15 days $276.00
(h) Miscellaneous Fees (e.g. flood cert.,
tax service, etc.) $155.00
(i) Other Lender Fees $-
7. Home Warranty $-
8.Other $-
Estimated Costs $11,508.75
SUMMARY OF TOTAL MONIES NEEDED
Purchase Price $135,000.00
Estimated Costs (left column) $11,508.75
Total Monies Needed $146,508.75
Less Mortgage Amount $122,100.00
Less Seller Assist $-
Less Deposits (with Agreement of Sale) $2,000.00
Less other credits(downpayment,other) 15,000.00
Remaining Out of Pocket Costs $7,408.75
Estimated Monthly Payments
Based on $122,100.00 for 30 years at 5.5%
Principal and Interest $693.27
Taxes $333.33
Property Insurance $50.00
Mortgage Insurance Premium $55.00
Homeowner's Association Fees $-
Estimated Total $1,131.60
Your real estate taxes are escrowed by the lender. Usually they hold 1 year's worth of taxes and make the tax payments for you from this fund. Paying off mortgage early is usually ok, just check to make sure there are no penalties. Buyer's agents here in PA do not charge potential buyers for showings. They are paid out of the seller's funds at closing.
Good Luck
