What are my closing costs when buying in Montgomery County MD?

Posted by BJ Matson on Wednesday, July 24th, 2013 at 2:22pm.

Below we will calculate all costs to purchase real estate when you’re buying a home in Montgomery County, Maryland.  Every purchase transaction is different and may involve other specific fees not mentioned here.. but for the most part we will attempt to include everything for a typical sale.

Your most accurate quote will be provided by your Loan Officer, specific to your situation.
Let’s use $300,000 for our Sales Price

$1,500     Lender Fees (unless you’re paying cash)
$345         Broker admin fee
$750         Title company fees
$526         Owner’s Title Insurance
$783         Lender’s Title Insurance (unless you are paying cash)
$195          Survey (if required by your Lender)

$120         Govt Recording Fee
$1,500     Montgomery County Transfer tax  (split 50/50)
$750         State Transfer tax (split 50/50, $0 if first time buyer)
$862.50   State Recordation tax  (split 50/50)

$2,667      escrows for property taxes.  If taxes are $4000/year, thus $333.33/month.  8 months x $333
$184.94    prepaid interest if closing with 5 days left in month.  Loan amt x int rate / 365 X number of days

Paid upfront
$75            Termite Inspection
$400         Appraisal
$25            credit report
$400         Home inspection
$900         12 months homeowner’s ins (if condo, incl in condo fee but may still need HO6 ins)
$11,083.44

 

If you would like help to offset these above costs, we can ask the Seller to give a credit.  Most lender programs allow you to get 3% help from the Seller.  FHA financing will allow up to 6% seller credit.

If 3% help, the above would be reduced by $9,000 and you would need $2,083.44 

If it helps, in the following video I attempt to explain the above closing costs you will have when buying in Montgomery County:

BJ MatsonRealtor®
Home Buying Advisor • RE/MAX
301-881-8900 text-call
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