Montgomery County Closing Costs

Homes in Montgomery County, Maryland are expensive compared to other, more rural areas of Maryland. Finding the best loan for your needs at the best price is very important to our home buyers. Homefinders.com agents will help you consider different types of loan instruments to make sure that you are able to finance your home on the best terms possible for you, our home buyer.

* Seller is not required to pay 1/2 of buyers transfer and recordation taxes. It is customary in Montgomery County.

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

BELOW IS A SAMPLE CLOSING COST ESTIMATE TO HELP YOU PREPARE

SETTLEMENTS COSTS FOR RESIDENTIAL REAL ESTATE IN MONTGOMERY COUNTY, MARYLAND

PRICE OF HOME
LOAN TYPE
LOAN TERM
DOWN PAYMENT (10%)
LOAN AMOUNT
INTEREST RATE
REAL ESTATE TAXES
EARNEST MONEY DEPOSIT

LOAN RELATED FEES
Appraisal Fee
Credit Report Fee
Misc. Lender Fees

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 ($3.75 per $1,000)

$ 525,000
Conventional Jumbo
$5 YEARS
$ 52,500
$ 472,500
5.75%
$ 3,500
$ 10,000
$400
60
350

184
600
100
2,333
180

500
1,968
   

GOVERNMENT RECORDING AND TRANSFER FEES
Recording Fees
County Transfer Tax
($2,625 paid by seller for resale homes) *
State Transfer Tax
($1,313 paid by seller for resale homes)**
Recordation Tax
($1,811 paid by seller for resale homes)ADDITIONAL SETTLEMENT FEES
Survey
Pest Inspection
Condo/HOA (2 months)Misc.

TOTAL CLOSING COSTS
** First time home buyers exempt from State Transfer Tax

DOWN PAYMENT

TOTAL MONEY NEED TO BUY

LESS EARNEST MONEY

CASH NEEDED AT SETTLEMENT

====================================
ESTIMATED MONTHLY PAYMENT
Principal & Interest
1 Month RE Taxes
1 Month Hazard Insurance ($600 annum)
1 Month MIP or PMI

MONTHLY PAYMENTS
Plus Condo/HOA monthly fee
TOTAL MONTHLY EXPENSES
=====================================

150
2,625

1,313

1,811

200
60
150

$ 12,984

$ 52,500

$ 65,484

$ 10,000

$ 55,484

$2,757 @ 5.75%
92
50
80

$2,907

$2,907
* Seller is not required to pay 1/2 of buyers transfer and recordation taxes. It is customary in Montgomery County.

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