Costs

As the closing day gets closer, it's finally hitting me that I'm buying a condo. At least it's hitting me financially.

Today I signed my preliminary contract with the mortgage company. While I got an amazing 5.00% interest on my 30-yr fixed loan, it's a huge step to just figure out the down payment and closing costs.

On the day of the auction, I had to bring $15k in a cashiers check. On July 7th I have to drop off the rest of 10% as earnest money. That alone is a solid chunk of money. 10% of my condo costs.

When I had done my original planning back in February, I had thought that I'd only need to save enough for a down payment. Clearly I was wrong. The remainder of my costs just to close total another $15k.

Loan costs:
$3270 for loan origination costs and application costs

Title costs:
$1309 for title insurance
$300 for recording fees
$350 for survey costs
$395 for commitment fee (I honestly have no idea what this is)

Attorney costs (and I'm getting these at a discout because one company offered to do all of it for those who bought at the auction -- normal attorney costs are $800 - $1000)
$300 for settlement fees
$45 for copy/fax fees
$50 courier fees
$30 e-doc fee
$250 for recording fee

Advance payments (it's fairly standard to pay your condo fees, property taxes, and others a couple months in advance)
$2073 for 3 months advanced condo fees (discounted from 6 months)
$820 for prepaid daily mortgage interest for 22 days
$1,485 for 6 months for advance property taxes
$4,678 For advance insurance payments

*deep inhale*

The most annoying part is that as a landlord, I don't quite break even between rent and mortgage... Close but not quite.


-- Post From My iPhone