*If you find this content valuable, consider referring family, friends, or colleagues in need. Often times the rate someone is quoted is higher than what was initially advertised. In this video, I yell at you and explain why that happens. Monthly Payment & Closing Costs Calculator Hide Calculator ▼ Property & Loan Setup ▾ Transaction Type:Purchase - FinancingPurchase - All CashRefinanceListing Loan Type:ConventionalFHAVA Occupancy Type: iOccupancy type describes how the borrower will use the property: as a primary home, second home, investment property, or for business purposes. It can affect loan eligibility, pricing, and required down payment.Primary ResidenceSecondary ResidenceInvestment PropertyBusiness Purpose Property Type:Single-FamilyCondoTownhomeMulti-Unit State:CATXTNImpound Waiver: iSeparate "savings" accts the lender sets up to collect your mthly taxes & insurance alongside your mgt. When your annual/bi-annual tax & insurance bills are due, the bank pays them for you using those stockpiled funds.YesNoClosing Date: iAssumes a typical 30-day escrow period, starting today. Loan & Payment Details ▾ Purchase Price: Down Payment: Loan Amount: Interest Rate: Loan Term:15 years20 years30 yearsMortgage Insurance: iTypically only an FHA thing. Property Taxes: Homeowners Insurance:$50$900$300 HOA / Assessments: iAny additional mthly pmts from HOA dues, special tax assessments, Mello Roos, CFDs/CSDs, etc. Adjustments & Credits ▾ Earnest Money Deposit: iAn earnest money deposit is money paid after an offer is accepted to show good faith. It is generally credited toward the buyer's cash needed at closing. Other Adjustments: iA credit or charge not listed elsewhere that changes the buyer’s cash needed at closing. Seller Credit: iMoney the seller agrees to contribute toward the buyer’s eligible closing costs or prepaid items. Estimated Monthly Housing PaymentPrincipal & Interest$0Mortgage Insurance$0Property Taxes$0Homeowners Insurance$0HOA / Assessments$0Total Monthly Housing Payment$0/mo Estimated Cash Required Closing Costs:$0 Prepaids & Impounds:$0 Down Payment & EMD:$0 Other Adjustments / Seller Credit:$0 Total Cash Required:$0.00 Collapse All Sections Lender Fees $0 Points iEvery rate has cost or credit attached to it. See this page for more details. Broker Comp iMy compensation. Banks pay me to bring them business, so this is almost always zero. Underwriting iStandard fee banks charge for the work their underwriters put in. Services Borrower Can Shop For $0 Appraisal Credit Report iWhat I had to pay out-of-pocket to pull your credit. Only reimbursed if we make it to closing. Processing Fee Tax Service Flood Cert Escrow & Title $0 Escrow iaka Settlement Fee; Compensation due to the neutral third party company that handles money, docs, and closing coordination.↻ Owner's Title Policy iIn California, this is usually paid by the seller.Protects you if a past ownership issue, lien, fraud, or document error threatens your stake in the property. Lender's Title Insurance iProtects the lender—not you—if a past ownership issue, lien, fraud, or document error threatens its stake in the property.↻ Mobile Notary iFee for a notary who travels to the signer to witness and notarize closing documents. Loan Tie-In iA fee escrow charges covering tasks required to integrate a bank and their nuances, compliance needs, online portals, etc. into a real estate transaction. Sub-Escrow iRequired when title & escrow are separate entities (aka California). Endorsement i*Extra riders/coverage/additions on top of original title insurance policy.Adds specific protections to title insurance (e.g., zoning, boundary disputes). Optional but recommended for unique risks. Courier/Wire/Email i• Courier: Secure physical document delivery.• Wire: Electronic fund transfer.• Email: Digital document transmission (often free). Messenger Fee iCovers physical delivery of documents (e.g., deeds, checks) between parties. Doc Prep iDrafting legal paperwork (e.g., deeds, mortgages). Recording Service Fee iCounty fees for recording deeds/trusts. Survey Fee iConfirms exact property boundaries. Usually only emphasized in TX. Other Recording Fees $0 Grant Deed iCost of recording change of ownership (read: title/deed) with the county. Trust Deed iCost of recording a deed of trust/mortgage against the property with the county. SB2 Affordable Housing iState fee charged on every refinance. Prepaids $0 Days Interest iYour first mgt pmt is due at the end of the NEXT month; this line covers interest owed for the days between closing and the end of the CURRENT month. Homeowner's Insurance iThe full cost of your new homeowners insurance policy that’s about to take effect. If you pay all or some of this before closing, this number reflects only what’s still owed. ↻ Current Tax Installment iIf current property taxes are unpaid, this makes sure they’re paid at closing. Whatever’s owed is prorated based on how long each party owned the home during the tax period. Mortgage Insurance↻ Impound Funding $0 HOI Cushion (3mo) iIf impounds are included, banks collect a cushion at closing in case you miss a pmt or the upcoming insurance bill is higher than estimated. This functions the same as a rent deposit.↻ Tax Cushion (3 + 6mo) iIf impounds are included, banks collect a cushion at closing in case you miss a pmt or the upcoming tax bill is higher than estimated. This functions the same as a rent deposit.↻ Aggregate Adjustment iWildly confusing. Not worth trying to explain. Just know this calculator is right. MI Cushion iNot really a thing anymore.↻ Other $0 HOA Dues Water Transfer Total Closing Costs:$0.00 Prepaids & Impounds:$0.00 Closing Costs & Prepaids:$0.00 Down Payment & EMD:$0.00 Total Cash Required:$0.00 Less: EMD:$0.00 Other Adjustments / Seller Credit:$0.00 Total Cash-to-Close:$0.00 Actual Seller Credit:$0.00 Max Seller Credit (Sales Price):$0.00 Max Seller Credit (Loan Amt):$0.00 NEWS & DATA Red = Supply (Total Housing Units) Real-Time Proxies: Treasury Rates Corporate Rates Mortgage Rates US Equity Mkt Purple = Households as % of Housing Debt Owed by US Govt Track all markets on TradingView Total of All Checking/Savings Accts* Debt Owed by US Households Blue = Demand (Total Households)