|
|
|
|
|
|
|
|
|
|
Mortgage
Refinance Costs Calculator
|
|
|
From the Archer Pacific Mortgage Calculator Library
|
|
|
|
|
Loan Size
|
|
|
|
|
loan closing costs
|
|
|
|
|
prepayment penalty
|
|
|
|
|
Total refinancing costs
|
|
|
|
|
|
|
Note: do not double-count your prepayment penalty
|
|
|
|
|
|
|
|
Good Faith Estimate Charges
|
Factors
|
Expense
|
Details
|
|
|
|
|
|
|
|
|
LOAN CHARGES
|
|
|
|
|
|
|
|
|
|
801 - Loan Origination Fee
|
|
|
This fee is a charge for originating or creating the loan
|
|
|
|
|
|
|
|
|
|
|
802 - Loan Discount
|
|
|
This is an upfront charge paid to the lender to get a lower interest
rate – same as “buying the rate down”
|
|
|
|
|
|
|
|
|
|
|
803 - Appraisal Fee
|
|
|
This is the cost of the independent appraisal. It is usually paid by
the buyer
|
|
|
|
|
|
|
|
|
|
|
804 - Credit Report
|
|
|
This is the cost of the credit report
|
|
|
|
|
|
|
|
|
|
|
805 - Lender's Inspection Fee
|
|
|
This is the lender’s cost of inspecting a property – some may double
check the appraisal provided by an independent appraiser
|
|
|
|
|
|
|
|
|
|
808 - Mortgage Broker Fee
|
|
|
This is the upfront charge that a mortgage broker charges. Brokers
can also earn a “rebate” from the lender which is not listed here
|
|
|
|
|
|
|
|
|
|
|
809 - Tax Related Service Fee
|
|
|
Lender fee, usually small, for handling tax related matters
|
|
|
|
|
|
|
|
|
|
|
810 - Processing Fee
|
|
|
This is the charge for processing the loan – collecting your
application, running credit, collecting pay stubs, bank statements,
ordering appraisal, title, etc.
|
|
|
|
|
|
|
|
|
|
|
811 - Underwriting Fee
|
|
|
This is the cost of the loan underwriter (approver)
|
|
|
|
|
|
|
|
|
|
|
812 - Wire Transfer Fee
|
|
|
This is the cost of wiring the money around, which is usually done
by escrow
|
|
|
|
|
|
|
|
|
|
|
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
901 - Interest for days X $ per day
|
|
|
This is your prepaid interest for your mortgage loan
|
|
|
|
|
|
|
|
|
|
|
902 - Mortgage Insurance Premium
|
|
|
This is the prepaid mortgage insurance premium, if you have one.
This is the insurance premium some lenders charge for loans with
little equity/
|
|
|
|
|
|
|
|
|
|
903 - Hazard Insurance Premium
|
|
|
This is your home’s hazard insurance being prepaid
|
|
|
|
|
|
|
|
|
|
|
905 - VA Funding Fee
|
|
|
This is the Veterans Administration funding fee, which is something
you will not incur unless you go through a VA program
|
|
|
|
|
|
|
|
|
|
RESERVES DEPOSITED WITH LENDER
|
|
|
|
|
|
1001 - Hazard Insurance Premiums # months @ $ per month
|
|
|
This is any prepayment of your future hazard insurance expense
|
|
|
|
|
|
|
|
|
|
1002 - Mortgage Ins. Premium Reserves months @ $ per month
|
|
|
This is any prepayment of your future mortgage insurance expense
|
|
|
|
|
|
|
|
|
|
|
1003 - School Tax months @ $ per month
|
|
|
This is any prepayment of your future school tax expense
|
|
|
|
|
|
|
|
|
|
|
1004 - Taxes and Assessment Reserves months @ $ per month
|
|
|
This is any prepayment of your future tax expenses, such as property
taxes
|
|
|
|
|
|
|
|
|
|
|
1005 - Flood Insurance Reserves months @ $ per month months
|
|
|
This is any prepayment of your future flood insurance expense
|
|
|
|
|
|
|
|
|
|
|
TITLE CHARGES:
|
|
|
|
|
|
|
1101 - Closing or Escrow Fee
|
|
|
This is the cost of escrow. This is the service of a neutral party
that actually handles the money between all the different parties in
a real estate transaction, including: the lender, the buyer, the
seller, the agents, notary, etc. This is often times d
|
|
|
|
|
|
|
|
|
|
1105 - Document Preparation Fee
|
|
|
This is the charge for preparing the loan documents. Lenders often
email the loan documents to the escrow company, which in turn prints
them out and reviews them before signing
|
|
|
|
|
|
|
|
|
|
|
1106 - Notary Fees
|
|
|
This is the cost of the notary. This is to have all of the legal
documents surrounding this transaction notarized
|
|
|
|
|
|
|
|
|
|
|
1107 - Attorney Fees
|
|
|
Any legal charges
|
|
|
|
|
|
|
|
|
|
|
1108 - Title Insurance
|
|
|
This is the cost of insuring the title of the property. If there is
a question about title (who really owned the property), after the
transaction is done then this insurance protects the lender from
future problems
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1200 GOVERNMENT RECORDING & TRANSFER CHARGES
|
|
|
|
|
|
1201 - Recording Fees
|
|
|
This is the cost of updating relevant government records
|
|
|
|
|
|
|
|
|
|
|
1202 - City/County Tax/Stamps
|
|
|
Unavoidable government charge
|
|
|
|
|
|
|
|
|
|
|
1203 - State Tax/Stamps
|
|
|
Unavoidable government charge
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1300 ADDITIONAL SETTLEMENT CHARGES:
|
|
|
|
|
|
|
1302 - Pest Inspection
|
|
|
This is the cost of the pest inspector. Their purpose is to document
the state of the property that the lender is making the loan on
|
|
|
|
|
|
|
|
|
|
|
Others charges
|
|
|
|
|
|
|
These can be additional charges that change within different loan
sources
|
|
|
Pay particular attention to these charges, but they can also be
listed in other sections
|
|
|
|
Other charge 1
|
|
|
|
|
|
|
Other charge 2
|
|
|
|
|
|
|
Other charge 3
|
|
|
|
|
|
|
Other charge 4
|
|
|
|
|
|
|
Other charge 5
|
|
|
|
|
|
|
Total Closing Expenses
|
|
|
|
|
|
|
|
|
|
|
More Mortgage Calculators, Rates, Quick Loan Tips, Free Books, And
More!
|
