SETTLEMENTS COSTS FOR RESIDENTIAL REAL ESTATE IN
MONTGOMERY COUNTY, MARYLAND

PRICE OF HOME .............................. $ 525,000
LOAN TYPE ...................................... Conventional Jumbo
LOAN TERM ..................................... $30 YEARS
DOWN PAYMENT (10%) ...................$ 52,500
LOAN AMOUNT .................................$ 472,500
INTEREST RATE ............................... 6.25%
REAL ESTATE TAXES........................ .$ 3,500
EARNEST MONEY DEPOSIT ............. .$ 10,000

LOAN RELATED FEES
Appraisal Fee ............................................................$400
Credit Report Fee ....................................................... 60
Misc. Lender Fees ..................................................... 350

PREPAIDS OR ESCROW ITEMS
Prepaid Interest (Per Diem) ........................................ 184
Hazard Insurance (1 year) .......................................... 600
Hazard Insurance Escrow ........................................... 100
Prepaid RE Taxes (8 months) .................................... 2,333
MIP (2 months) ............................................................. 180

TITLE CHARGES Settlement Fee (legal) ..................... 500
Title Insurance ($4.00 per $1,000) ..........................2,100

GOVERNMENT RECORDING AND TRANSFER FEES
Recording Fees ........................................................ 150
County Transfer Tax ..................................................2,625 ($2,625 paid by seller for resale homes) *
State Transfer Tax ....................................................1,313 ($1,313 paid by seller for resale homes)**
Recordation Tax ........................................................1,811 ($1,811 paid by seller for resale homes)

ADDITIONAL SETTLEMENT FEES
Survey .................................................................... 200
Pest Inspection ........................................................ 60
Condo/HOA (2 months)Misc. .....................................150

TOTAL CLOSING COSTS .....................................$ 13,116
** First time home buyers exempt from State Transfer Tax

DOWN PAYMENT ................................................$ 52,500

TOTAL MONEY NEED TO BUY ............................. $ 65,484

LESS EARNEST MONEY ..................................... $ 10,000

CASH NEEDED AT SETTLEMENT ........................ $ 55,484

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ESTIMATED MONTHLY PAYMENT

ESTIMATED LOAN AMOUNT - $472,500
Principal & Interest.......................................$2,909 @ 6.25%
1 Month RE Taxes ......................................... 92
1 Month Hazard Insurance ($600 annum) .... 50
1 Month MIP or PMI ...................................... 80

MONTHLY PAYMENTS .................................... $3,131
Plus Condo/HOA monthly fee
TOTAL MONTHLY EXPENSES ......................... $3,131
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* 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

Homes Montgomery County MD
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