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Closing Costs Calculator - Estimate your Closing Costs - Bank of America

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Closing Costs Calculator

Your total estimated closing costs (including prepaid items and


escrow account funds), for a fixed 30 year fixed-rate loan could
be $8,115
1

Closing cost details


Total Bank of America fees

$2,023

Third-party fees (may include seller-paid fees)

$4,008

Estimated prepaid interest and insurance


(Amounts shown will differ from actual costs)

$1,405

Estimated escrow account funds


(Amounts shown will differ from actual costs)

$678

Total estimated closing costs (including prepaid items


and escrow account funds)

$8,115

Detailed information
Down payment

$35,000

Total cash required to close

$41,032

Loan amount

$315,000

Interest rate

3.625%

APR

3.932%

Points

Principal and interest payment

0.247

$1,437

https://www.bankofamerica.com/home-loans/mortgage/closing-costs-calculator-results.go

4/21/2016

Closing Costs Calculator - Estimate your Closing Costs - Bank of America

Taxes and insurance payment

$339

Mortgage insurance payment

$126

Total monthly payment

Points for the loan selected

Total Bank of America fees

Page 2 of 5

$1,902

$778.05

$2,023

The rates displayed here are as of: 04/21/2016 06:06 PM ET


Loan assumptions and disclosures

Points and lender fees


Points Amount

Lender Origination Fee

$778.05

$1,245

Discount points vary based on loan product and amount. To reduce your costs, you
may decide to select an interest rate with fewer discount points. At Bank of America,
once your rate is locked in, it is guaranteed not to go up during the rate lock period.

Total Points and Lender fees

$2,023

Third-party fees
Life of Loan Flood Monitoring

$17

Credit Report Fee

$15

Title-Closing/Escrow Fee

$725

Title-Owners Title Insurance (Optional)

$450

State Tax/Stamps Deed

$350

State Tax/Stamps Mortgage

$965

Appraisal Fee

$460

GA Residentl Mtg Per Ln Fee

$10

https://www.bankofamerica.com/home-loans/mortgage/closing-costs-calculator-results.go

4/21/2016

Closing Costs Calculator - Estimate your Closing Costs - Bank of America

Recording Mortgage

$90

Tax Service Fee

$89

Title-Lenders Title Insurance

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$838

Title company and attorney fees are determined by the individual state and the
company you use and may differ from this estimate. This represents the lender's
policy only. In some states an owner's policy is also required or may be negotiated
between buyer and seller.

Total third-party fees

$4,008

Prepaid items
Prepaid items represent funds for the initial payment of interest on your loan. Prepaid interest varies
depending on which day of the month you close. It covers the interest that accrues on your loan from your
closing date until the last day of the month. Once your closing date has been selected, we will be able to
provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly.
You will also need to provide the initial premium for your homeowners insurance policy. In some cases this
may include flood, earthquake or other insurance coverage as well. Bank of America may be able to assist
you in obtaining a competitive quote through affiliated insurance companies.
Well keep you informed about cash to cover prepaid expenses for your new loan and property.

Prepaid interest (est 15 days)

Homeowner's insurance (est 1 year)

Total estimated prepaid items

$469

$936.00

$1,405

Escrow account funds


An escrow account may be required to cover the future payments for items like homeowners insurance and
property taxes. They do not represent fees; instead, they establish the funds needed to properly service
your loan. These costs will be the same regardless of the lender you choose.
Note: As taxes are due at various times, the deposit needed for taxes may vary from 2 to 8 months. If you
are purchasing your home, the seller may be responsible for a portion of these taxes.

Homeowner's insurance (est 2 months)

$156.00

Property Taxes (est 2 months)

$522.00

Total estimated escrow costs

$678

https://www.bankofamerica.com/home-loans/mortgage/closing-costs-calculator-results.go

4/21/2016

Closing Costs Calculator - Estimate your Closing Costs - Bank of America

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Estimate your closing costs


Our closing costs estimator can help you estimate your total closing expenses. When working with the
calculator, please remember the dollar amounts displayed arent guaranteed, and what you actually pay may
be different. The estimates you receive are for illustrative and educational purposes only.
* required

Recalculate
Property ZIP code *
30041

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Purchase price *

Down payment *

$ 350,000

10

Loan term *
30 years

20 years

15 years

Loan type *
Fixed rate

5-year ARM

7-year ARM

10-year ARM

Recalculate

1. These calculator results are for illustrative and educational purposes only and are based on information you provided.
The closing costs calculator is not intended as financial information about your specific situation. Accuracy is not
guaranteed, and not all products will be available to everyone.

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4/21/2016

Closing Costs Calculator - Estimate your Closing Costs - Bank of America

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Manage Your Loan


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4/21/2016

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