Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
0.00%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following:
- Attorney's or escrow fees (yours and your lender's if applicable)
- Property taxes (to cover tax period to date)
- Interest (paid from date of closing to 30 days before first monthly payment)
- Loan origination fee (covers lender's administrative costs)
- Recording fees
- Survey fee
- First premium of mortgage insurance (if applicable)
- Title insurance (yours and your lender's)
- Loan discount points
- First payment to escrow account for future real estate taxes and insurance
- Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
- Any documentation preparation fees
More Articles...
What Are Typical Mortgage Down Payments?
How to Get Approved for an FHA Loan despite Bad Credit
- FHA Loans for a First-Time Home Buyer
- Home Equity Loans for People with Bad Credit
- Second Mortgages: Advantages and Disadvantages
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Low Down Payment Loan Qualification
- What To Do When Mortgages Default
- What Lenders Don't Reveal About Home Equity Loans
- Appraisal Basics
- Alternatives to Getting a 2nd Mortgage