Estimated Purchaser Cost Form

Transcription

1 Buyer s Cost 1

2 Estimated Purchaser Cost Form When to use the form: 1. before showing property; 2. at the time of an offer and/or counteroffer; and, 3. prior to the closing. 2

3 Estimated Purchaser Cost Form EXAMPLE Closing August 1st First Payment September 1st Due Date of Purchaser's First Payment If the closing is on the 1st of the month, the next payment will be due on the 1st of the following month. 3

4 Estimated Purchaser Cost Form EXAMPLE Closing September 15th October 1st First Payment November 1st Due Date of Purchaser's First Payment If the closing is on any day other than the 1st of the month, skip a month. 4

5 Estimated Purchaser Cost Form Calculating the Interest Adjustment When calculating interest use a 360 day year unless instructed otherwise. 5

6 Estimated Purchaser Cost Form Calculating the Interest Adjustment 6

7 Estimated Purchaser Cost Form Calculating the Interest Adjustment 7

8 Estimated Purchaser Cost Form Calculating the Interest Adjustment Formula Loan Amt. x Int. Rate = Annual Int. Annual Int. by 360 = Daily Rate Daily Rate x # of Days Owed = % Adj. 8

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10 Estimated Purchaser Cost Form Calculating the Interest Adjustment 10

11 Estimated Purchaser Cost Form Calculating the Interest Adjustment 11

12 Estimated Purchaser Cost Form Calculating the Transfer Tax Sales Price (- Loan Assumed, in any) 100 = Taxable Amount Round Taxable Amount up to the nearest whole dollar Rounded Taxable Amount x $0.10 = Transfer Tax 12

13 Estimated Purchaser Cost Form Calculating the Transfer Tax 13

14 Estimated Purchaser Cost Form Calculating the Transfer Tax 14

15 Estimated Purchaser Cost Form Calculating the Intangibles Tax New Loan Amount 500 = Taxable Amount Round Taxable Amount up to the nearest whole dollar Rounded Taxable Amount x $1.50 = Intangibles Tax 15

16 Estimated Purchaser Cost Form Calculating the Intangibles Tax 16

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21 Estimated Purchaser Cost Form 21

22 Estimated Purchaser Cost Form Calculating Private Mortgage Insurance Paid on conventional loans with greater than an 80% LTV Loan Amount x Rate = Annual PMI If indicated, round Annual PMI down. Annual PMI 12 = Monthly PMI 22

23 Estimated Purchaser Cost Form 23

24 Estimated Purchaser Cost Form 24

25 Estimated Purchaser Cost Form Calculating Mortgage Insurance Premium Paid on all FHA Loans in 2 parts Loan Amount x Rate = UFMIP Added to the loan and financed Loan Amount x Rate = Annual MIP Annual MIP 12 = Monthly MIP 25

26 Estimated Purchaser Cost Form 26

27 Estimated Purchaser Cost Form 27

28 Estimated Purchaser Cost Form Calculating Property Tax Escrow Note: For testing purposes the number of months to be escrowed will be given. 28

29 Monthly Payment Needed to Amortize a Loan of $1000 Interest Rate 15 Years 20 Years 25 Years 30 Years 6.00% % % % % % % % Example: $45,800 Loan 10% for 30 Years = Monthly Payment Solution: 45.8 x 8.78 = $ Monthly Payment 29

30 Estimated Purchaser Cost Form Calculating Principle and Interest The factor represents the amount paid per month on a loan of $1,000. Divide the loan amount by 1000 Multiply by the indicated factor = Principle and Interest 30

31 Estimated Purchaser Cost Form Estimated Monthly Payment Principle and Interest + 1/12 Annual Property Tax + 1/12 of Annual Homeowners Insurance + Mortgage Insurance + Other Total Monthly Payment 31

32 ESTIMATE OF COST TO BUYER Seller _ Date Prepared Address Projected Closing Date _ Purchase Price $ _ Loan Amount $ Loan Type Interest Rate (%) Term (Years) Financing Costs 1. Down Payment $ 2. Closing Costs + $ 3. Loan Discount (Points) + $ 32

33 ESTIMATE OF COST TO BUYER Seller Karlie Sinclair Date Prepared March 10, 20xx Address 1220 Willow Way Projected Closing Date April 15, 20xx Purchase Price $ 90, Loan Amount $ 81, Loan Type 90% Conventional Interest Rate _ 6.00 _(%) Term (Years) 30 Financing Costs 1. Down Payment $ 2. Closing Costs + $ 3. Loan Discount (Points) + $ 33

34 ESTIMATE OF COST TO BUYER Seller Karlie Sinclair Date Prepared March 10, 20xx Address 1220 Willow Way Projected Closing Date April 15, 20xx Purchase Price $ 90, Loan Amount $ 81, Loan Type 90% Conventional Interest Rate _ 6.00 _(%) Term (Years) 30 Financing Costs 1. Down Payment $ 9, _ 2. Closing Costs + $ 3. Loan Discount (Points) + $ 34

35 ESTIMATE OF COST TO BUYER Seller Karlie Sinclair Date Prepared March 10, 20xx Address 1220 Willow Way Projected Closing Date April 15, 20xx Purchase Price $ 90, Loan Amount $ 81, Loan Type 90% Conventional Interest Rate _ 6.00 _(%) Term (Years) 30 Financing Costs 1. Down Payment $ 9, _ 2. Closing Costs + $ 1, _ 3. Loan Discount (Points) + $ N/A _ 35

36 ESTIMATE OF COST TO BUYER Escrow Establishment Charges 4. Taxes (_ 13 _ $_ _/month) $ 1, _ 5. Homeowner s Insurance + $ 6. Mortgage Insurance + $ 7. Prepaid Interest (_ $_/day) + $ 36

37 ESTIMATE OF COST TO BUYER Escrow Establishment Charges 4. Taxes (_ 13 _ $_ _/month) $ 1, _ 5. Homeowner s Insurance + $ _ 6. Mortgage Insurance + $ 7. Prepaid Interest (_ $_/day) + $ 37

38 ESTIMATE OF COST TO BUYER Escrow Establishment Charges 4. Taxes (_ 13 _ $_ _/month) $ 1, _ 5. Homeowner s Insurance + $ _ 6. Mortgage Insurance + $ _ 7. Prepaid Interest (_ $_/day) + $ 38

39 ESTIMATE OF COST TO BUYER Escrow Establishment Charges 4. Taxes (_ 13 _ $_ _/month) $ 1, _ 5. Homeowner s Insurance + $ _ 6. Mortgage Insurance + $ _ 7. Prepaid Interest (_ 16 _ $_ 13.50_/day) + $ _ 39

40 ESTIMATE OF COST TO BUYER Miscellaneous Charges 8. Homeowner s Insurance (First Year s Premium) $ Loan Transfer Fee + $ 10. Purchase of Seller s Escrow Account + $ 11. Proration of Property Taxes (County and City) + $ 12. Georgia Transfer Tax + $ 13. Other + $ 40

41 ESTIMATE OF COST TO BUYER Miscellaneous Charges 8. Homeowner s Insurance (First Year s Premium) $ Loan Transfer Fee + $ N/A _ 10. Purchase of Seller s Escrow Account + $ N/A _ 11. Proration of Property Taxes (County and City) + $ N/A _ 12. Georgia Transfer Tax + $ 13. Other + $ 41

42 ESTIMATE OF COST TO BUYER Miscellaneous Charges 8. Homeowner s Insurance (First Year s Premium) $ Loan Transfer Fee + $ N/A _ 10. Purchase of Seller s Escrow Account + $ N/A _ 11. Proration of Property Taxes (County and City) + $ N/A _ 12. Georgia Transfer Tax + $ _ Other + $ N/A _ 42

43 ESTIMATE OF COST TO BUYER Credits 14. Proration of Property Taxes (County and City) $ Earnest Money Deposit + $ 16. Other + $ 17. TOTAL ESTIMATE OF COST TO BUYER + $ 43

44 ESTIMATE OF COST TO BUYER Credits 14. Proration of Property Taxes (County and City) $ Earnest Money Deposit + $ 2, Other + $ 17. TOTAL ESTIMATE OF COST TO BUYER + $ 44

45 ESTIMATE OF COST TO BUYER Credits 14. Proration of Property Taxes (County and City) $ Earnest Money Deposit + $ 2, Other + $ N/A _ 17. TOTAL ESTIMATE OF COST TO BUYER + $ 10,

46 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ C. Mortgage Insurance + $ D. Property Taxes + $ E. Other + $ F. Other + $ G. TOTAL + $ 46

47 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ _ C. Mortgage Insurance + $ D. Property Taxes + $ E. Other + $ F. Other + $ G. TOTAL + $ 47

48 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ _ C. Mortgage Insurance + $ _ D. Property Taxes + $ E. Other + $ F. Other + $ G. TOTAL + $ 48

49 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ _ C. Mortgage Insurance + $ _ D. Property Taxes + $ _ E. Other + $ F. Other + $ G. TOTAL + $ 49

50 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ _ C. Mortgage Insurance + $ _ D. Property Taxes + $ _ E. Other + $ N/A _ F. Other + $ N/A _ G. TOTAL + $

51 ESTIMATE OF COST TO BUYER Estimated Monthly Payment A. Principal and Interest $ B. Homeowner s Insurance + $ _ C. Mortgage Insurance + $ _ D. Property Taxes + $ _ E. Other + $ N/A _ F. Other + $ N/A _ G. TOTAL + $