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RK Mortgage Report

The document outlines a mortgage scenario for a $500,000 home with a 30-year term and a 7% interest rate. It details a $100,000 down payment, monthly payments of $2,661.21, and various closing costs totaling approximately $7,432. Additionally, it emphasizes that the provided information is an estimate and not a substitute for the official Loan Estimate of closing costs.

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25 views1 page

RK Mortgage Report

The document outlines a mortgage scenario for a $500,000 home with a 30-year term and a 7% interest rate. It details a $100,000 down payment, monthly payments of $2,661.21, and various closing costs totaling approximately $7,432. Additionally, it emphasizes that the provided information is an estimate and not a substitute for the official Loan Estimate of closing costs.

Uploaded by

Quacking Noises
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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For more information contact us at (888) 508-6055

To apply, visit our website www.rkmortgagegroup.com

$500,000 $2,661.21
Home price Principal & interest

$100,000 (20%) $625


Down payment Property tax

$454
MORTGAGE TERMS $3,740 Home insurance
Mortgage period (years) PER MONTH
$0
30 HOA fees
Interest rate
$0
7%
Mortgage insurance

Title fees and taxes Approximate cost of closing fees

Lender's title insurance policy $2,188 Underwriting fee $0


Owner's title insurance policy $547 Processing fee $695
Closing / Escrow / Settlement $750 Origination fee $0
Recording fee — MRTG / DOT $225 Credit report $35
Recording fee — releases $0 Appraisal $475
State tax / Stamps — (MRTG / DOT) $1,400 Flood life of loan fee $17
Intangible tax $800 Tax service fee $0
Survey $300

Prepaid interest and escrow / reserves Adjustments

Interest — estimated 15 days $1,166.67 Deposit or earnest money $0


Real estate tax escrow 3 months $1,875 Secondary financing amount $0
Insurance escrow 3 months $1,362 Costs paid by: seller / lender / 3rd party $0

Summary

$100,000 $7,432 $4,403.67 $0 $111,835.67


Down payment Approximate cost Prepaid interest and Total adjustments Approximate funds
of closing fees escrow / reserves amount needed to close

The information provided above regarding approximate insurance, approximate taxes and the approximate total monthly payment (collectively
referred to as approximate loan cost illustration) does not constitute, and is not, a substitute for the Loan Estimate of closing costs (LE) that you will
receive once you apply for a loan. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include
additional fees and costs.

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