Initial Expenses: Home


The following are the initial expenses to our new home:


· $257,990……………………. …………………. initial cost of home


· 30 year fixed conventional………….type of loan


· $77,440………………………………………….. 30% down payment made


· $1,623……………………………………………….Monthly Payment


· 6.750%……………………………………………. Interest Rate


· $584,280……………………………………….. Cost of home after 30 years


· $2,300……………………………………………..Misc. Closing Costs


· Non-recurring Closing Costs are as follows:


1. Appraisal- assessing the value of the property.


2. Credit Report- a detailed summary of one’s financial obligations.


3. Mortgage Broker Fee- the cost established by the broker to inform the homebuyer of the available loan options.


4. Processing Fee- the cost established to process a persons loan.


5. Recording Deed- document under seal which, when delivered transfers a present interest in property.


6. Escrow Fee- the cost established to create an escrow account to hold the homebuyers deposit, until processing is complete.


7. Underwriting Fee- the cost established by an underwriter to determine one’s credit worthiness.


8. Administration Fee- the cost established for the creation, handling, and filing of the homebuyer’s documents.