Closing Costs Calculator on a new condo
Started by lookinginnyc
almost 16 years ago
Posts: 11
Member since: Jan 2008
Discussion about
Is there a online calculator to find the closing costs on a new condo?
Offering plan has this.
Chase has an online calculator that provides estimated closing costs.
http://mortgage.chase.com/pages/purchase/crq_p_landing.jsp
I dont think youll find an online calculator because closing costs can vary from one new condo to another. For new condos, besides the normal title fees, mortgage tax - 1.8% for up 499k loan amount and 1.925% for loan amounts 500k or above, you are likely to find the addition of transfer taxes - 1.4% of 500k or less purchase price and 1.825% for anything above, sponsor's attorney, and a couple of months of common charges for capital reserves or security. sunny.hong@bankofamerica.com
is it over a mil? add 1% for your "mansion".
your bank, your attorney, their attorney, transfer tax, mortgage tax (if you have a mortgage), filing fees, reimbursement of sponsors pre-paid real estate tax, um, I think that's about it. oh and dont forget to tip that title search guy!! rofl
yeah the offering plan has it all, and ask your lawyer right?
Thanks for all the advice. Its under a million.
gcondo - what did you mean by "dont forget to tip the title search guy"?
Use this: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
It's geared towards NYC and actually specific and accurate (with that said, all closing costs will vary by the transaction, so refer to your closing statement)
the tip the title search guy, formerly a $250 or so surcharge put on the buyers by lawyers, is now illegal
Don't see it in the Hauseit calculator, good job gents