Mortgage Closing Cost Estimator

Your actual rate, payment, and costs could be higher.

Use this calculator to estimate your closing costs on a fixed-rate mortgage to purchase a new home. Actual costs may vary based on term, down payment, and credit score. These estimates are based on properties purchased within Monroe County. 

DEFINITIONS

Loan Amount - Total amount of mortgage.

Application Fee - Fixed fee for your application.

Appraisal Fee and Appraisal Management Company Fee - Fees to appraise the property securing this mortgage.

Underwriting Fee - Fixed fee for underwriting this mortgage.

Property Tax Status Research Fee - Fixed fee for tax service on this mortgage.

Flood Certification Fee - Fixed fee for flood certification on this mortgage.

Credit Report Fee - Fee for credit reports on a joint mortgage application.

Verification of Employment Fee - Fee to verify employment of two mortgage applicants.

Settlement Fee - Fixed fee for settlement of this mortgage.

Lender's Title Insurance - Cost of Lender's Title Insurance for your mortgage. This is a calculated value depending on your loan amount.

Recording Fees - Fee to record your deed and mortgage and file your equalization and capital gains.

NY Mortgage Tax - State mortgage tax is calculated based on the amount of your mortgage.

POSSIBLE ADDITIONAL CHARGES

Prepaid Interest (calculated from the day of closing to the end of month). Also called "Per Diem" Interest.
Formula is Loan Amount times Interest Rate divided by 360 days times number of days from closing date to end of month.

Discount Points (if applicable - to lower the interest rate). Each "Point" is equal to 1% of the mortgage amount which is used to lower the interest rate.

Property Taxes: Based on true taxes as levied for County, Town, Village, City, School.
If Escrowed (Lender pays taxes when due) – Plan on at least 12 months worth of taxes to be divided between the ESL Tax Escrow account and what is owed back to the seller.
If Not Escrowed (you pay your own taxes when due) – Plan on an amount to payback the Seller for prepaid taxes.

Down Payment – The cash portion of the property's purchase price, usually paid from the Buyer's own funds or gifted to the Buyer in some cases.

Property Tax Status Research Fee – Additional charge for loan amounts of $500,000 or higher.

Mortgage Insurance – Required on loans over 80% LTV to protect the Lender in the event of default of the borrower.

Buyer's Attorney Fees – As charged by your Attorney for services rendered.
Other charges or fees as required by the transaction. Other expenses as agreed upon between the Buyer and Seller.