What do I actually need on closing day?
Closing costs and cash to close
Down payment is the number people plan around. Cash to close is the number they need. This breaks the difference into every line item so that when your Loan Estimate arrives, you can read it instead of squinting at it.
Every field is editable, and every default is a typical Carolinas figure rather than a quoted price. Change them as real numbers come in.
Closing date to month end
Depends on closing month
Negotiated contribution toward your costs
Adjust any line
Origination & underwriting
The lender’s charge for making the loan. Some lenders price this into the rate instead.
Appraisal
Ordered once you are under contract. Usually your first out-of-pocket expense.
Credit report & verifications
Credit pull, employment and income verification services.
Closing attorney
In North and South Carolina an attorney handles closing and title work.
Lender’s title insurance
Required. Protects the lender against defects in the ownership history.
Owner’s title insurance
Optional, one-time, and almost always worth buying.
Survey
Not always required. Worth having on acreage or anywhere boundaries are unclear.
Recording fees
Paid to the county register of deeds to record the deed and deed of trust.
Home inspection
Paid directly during due diligence, not at closing — but it is real cash.
Estimated cash to close
$24,491
Down payment of $20,000 plus $9,491 in costs and prepaid items, less your $5,000 deposit.
- Down payment
- $20,000
- Loan amount
- $380,000
- Lender fees
- $1,995
- Third-party & title
- $2,570
- Prepaid interest
- $976
- First-year insurance
- $1,800
- Escrow deposits
- $2,150
- Closing costs as % of price
- 2.4%
Two things that move this number
Seller concessions, which are capped by loan program but entirely normal to ask for, and your closing date — closing late in the month cuts prepaid interest to almost nothing. Neither requires you to save another dollar.
An estimate for planning only. Actual fees are set by the lender, the closing attorney, the title company and the county, and are disclosed on your Loan Estimate and Closing Disclosure. Transfer and excise taxes are customarily the seller’s in North and South Carolina and are not included here. Not a commitment to lend and not a rate quote.
Get a real cash-to-close figure
Once we know your price, your program and your closing date, I will give you an exact number — and tell you where a seller concession could reduce it.
What it accounts for
- Lender fees — origination, appraisal, credit and verification
- Third-party costs — closing attorney, lender’s and owner’s title insurance, survey, recording
- Prepaid items — interest from closing to month end, the first year of homeowners insurance, and escrow deposits for taxes and insurance
- Credits — your earnest money deposit and any seller or lender contribution
What it cannot know
- Nothing here is a fee schedule. Actual fees come from the lender, the closing attorney, the title company and the county, and are disclosed on your Loan Estimate.
- No transfer or excise tax line, because in North and South Carolina that is customarily the seller’s cost. Adding it would overstate your cash.
- The due diligence fee in a North Carolina contract is negotiated between you and the seller, not set by the lender.
Questions
About this calculation
Commonly two to five percent of the purchase price once prepaid taxes and insurance are counted. The variables are your loan amount, your closing date and how much of it you negotiate the seller into paying.
Yes, up to limits set by the loan program. If cash is your constraint rather than price, a seller concession usually helps you more than an equivalent price reduction.
You prepay interest from your closing date to the end of the month. Closing on the 28th costs a few days of interest; closing on the 2nd costs nearly a full month. It is one of the few levers available late in the process.
Output is an estimate for illustration and planning only, based on the figures you enter. It is not an offer of credit, a rate quote or a commitment to lend, and mortgage insurance figures are illustrative rather than quoted premiums. This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval. Fairway Home Mortgage is a division of Fairway Independent Mortgage Corporation. NMLS Entity ID #2289.
Next step
Numbers you can actually make an offer with.
A pre-approval takes about 24 hours from a complete document set and costs nothing. It replaces every estimate here with a figure a listing agent will take seriously.