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Down
Payment:
After you find a home or condo, print the information you
have on your computer screen for later reference (you will
need the address of the property for an insurance quote). Determine
how much money you will need for the down payment. You will finance
the balance.
| List
the percent you will put down |
|
|
% |
| Selling
Price of the Home |
$ |
|
|
| Down
Payment |
-
$ |
|
|
| Amount
to be Financed |
=
$ |
|
|
Closing
Costs: Estimating the closing cost for your loan can be a
difficult task. For a rough estimate of your closing cost and
for the purpose of this exercise, multiply $18.61 times (the total
cost of your home divided by $1,000.00).
Please estimate
your closing cost in the space provided below.
|
(Cost
of your home divided by $1,000.00) x $18.61 |
Utility
Deposits: You
may be required to pay a deposit to put utilities into your name.
Please list the required deposit for all utilities in the space
provided below and add them together for a total.
| Gas |
$ |
|
| Electric |
+
$ |
|
| Water/Sewer |
+
$ |
|
| Telephone |
+
$ |
|
| Total
Utility Deposits |
=
$ |
|
Totals:
Now figure the total amount of cash you would need from savings
to pay for your down payment, closing cost, and utility deposits
write your answers in the space provided below.
| Estimated
Closing Costs |
+
$ |
|
| Total
Utility Deposits |
+
$ |
|
| Cash
from savings to purchase a home |
=
$ |
|
|
|
|
Help
- Down Payment:
No one pays cash for a house. Instead, you will make a small down
payment (3-20% of the sale price) and get a bank loan for the
rest. To figure the down payment, multiply the selling price of
the home by the percent of the selling price required for the
down payment. Example: $140,000.00 house x 10% down = $14,000.00.
The size of the down payment depends on how good your credit is,
and the type of loan you get. Click
here for more information on the three types of loans (Conventional,
FHA, and VA).
Help
- Closing Costs:
Visit Bankrate.com
to get an idea what your closing cost will be. Once you reach
the website, scroll down until your find the chart. According
to the chart, the average closing costs for a $180,000.00 home
would be $3,350.00. For the purpose of this exercise we will divide
the $3,350.00 average closing cost by the $180,000.00 cost of
the home. This comes out to approximately $18.61 per each $1,000.00
you spend on purchasing your home. To get a rough estimate of
your closing cost, you need to multiply $18.61 times (the total
cost of your home divided by $1,000.00).
Example:
$180,000 home would be
$18.61 x $180 = closing cost of $3349.80.
You may also
visit the Loan
page for the Buyer's Closing Costs Checklist and use the Estimated
Closing Costs Calculator for a more accurate estimate.
Help
- Utility Deposits: If
you are not sure if the utility companies require a security deposit,
then leave all spaces blank and estimate the cost by writing $100.00
in the space provided for the Total of all utility deposits. This
will ensure that you have budgeted money just in case you need
it. |
04-14-11