CLOSING COSTS FOR RESIDENTIAL REAL ESTATE IN
LOUDOUN COUNTY, VIRGINIA
One of the first questions home buyers will usually ask when looking at homes in Loudoun County is "How much money will I need to buy this house?"
How much you need will depend on the type of loan the buyer is going to be using to finance the house. That will vary from buyer to buyer depending on their cash available. Zero down, 5% down, 10% down or 20% or more down payment will change the loan fees and the interest rate for your new loan.
Below we have provided an example of a Closting Cost estimate to help you understand what these fees cover when you buy a home in Loudoun County, Virginia. Contact us for more detailed information.
| PRICE OF HOME LOAN TYPE LOAN TERM AMORTIZATION DOWN PAYMENT (10%) LOAN AMOUNT INTEREST RATE REAL ESTATE TAXES EARNEST MONEY DEPOSIT |
$ 600,000 Conventional Jumbo 5 YEARS 30 YEARS $ 60,000 $ 540,000 5.75% $ 4,120 $ 10,000 (or more) |
| LOAN RELATED FEES | |
| Appraisal Fee Credit Report Fee Misc. Lender Fees Tax Service Fee Flood determination |
$350 60 500 75 11 |
| PREPAIDS OR ESCROW ITEMS | |
| Prepaid Interest (Per Diem) Hazard Insurance (1 year) Hazard Insurance Escrow Prepaid RE Taxes (4 months) PMI |
1,050 (Ten days) 810 (One year paid in advance) 135 (Two months in escrow) 1,372 (generally paid in mortgage payment) |
| TITLE CHARGES Settlement Fee (legal) Title Insurance ($5.30 per $1,000 approx.) |
650 3,180 (includes lender and owner) |
| GOVERNMENT RECORDING AND TRANSFER FEES | |
| Recording Fees City/County/State Tax Stamps |
100 approx 3,796 |
| ADDITIONAL SETTLEMENT FEES | |
| Survey Pest Inspection |
275 50 |
| TOTAL CLOSING COSTS | $ 12,414 |
| DOWN PAYMENT (10%) | $ 60,000 |
| TOTAL MONEY NEED TO BUY | $ 72,414 |
| LESS EARNEST MONEY DEPOSIT OF | 10,000 |
| CASH NEEDED AT SETTLEMENT | $ 62,414 |
| Cash from the buyer at settlement is by Bank Check, Wired Funds or other certified funds. Personal checks will not be accepted by the tile company because they cannot record a deed unless they have the funds on deposit. | |
| ESTIMATED MONTHLY PAYMENT | |
| Principal & Interest 1 Month RE Taxes 1 Month Hazard Insurance ($804 annum) |
$ 3,151 @ 5.75% 343 67 |
| MONTHLY PAYMENTS | $ 3,561 |
All financial information is estimated and may vary from buyer to buyer based on PMI,
Internet rates, Insurance, lender fees and other actual costs
Loudoun County has rural and urban settings
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