GFE Spreadsheet - GRS readers
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Good Faith Estimate - worksheetQuick alternative to this spreadsheet: http://www.nytimes.com...BUYRENT_GRAPHIC
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****Click "File" then "Download as" then "Excel" -
Then open the spreadsheet in Excel and edit to match your circumstances
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Items in YELLOW should be adjusted for your individual circumstances/costs/fees
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Sales Price:$300,000
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Down payment$10,5003.50% of sale price
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Base Loan Amount$294,566FHA 1.75% funding fee financed here
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Payment Rate5.000%Fixed Rate
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Term30Years
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800ITEMS PAYABLE IN CONNECTION WITH LOANBroker/Lender specific feesTotal for 8XX$1,820
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801Loan Origination Fee
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802Loan Discount
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803$490Appraisal
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804$15Credit ReportGet a receipt showing the actual cost of the report
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805Lender's Inspection
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806Mortgage Insurance Application Fee
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807Assumption Fee
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808Mortgage Broker Fee
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809Tax servicing Fee
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810$695Processing FeeThis is essentially the broker's fee
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811$595Underwriting feeThis is essentially the broker's fee
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812$25Wire feeMay be set by the Title company
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813New Loan administration fee
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814MERS to lender fee
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815Lender Fee
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816Escrow Waiver Fee
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817Doc Prep
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818Funding Fee
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824YSP - Yield Spread Premium (money to broker)This is essentially the broker's fee
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900ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCETotal for 9XX$5,672
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901$60515Days of Interest @$40/DayYou'll be required to pay the remainder of the month of your purchase, 15 days is an est.
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902Mortgage Insurance Premium
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903Hazard Insurance Premium
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904$5,0661.75%of loan amountFHA funding fee
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905VA Funding fee
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1000RESERVES DEPOSITED WITH LENDERTotal for 10XX$1,714
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1001$167Hazard/Homeowers Insurance Annual Premium2months @$83Estimated cost of insrnc0.34%
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1002$135Mortgage Insurance (MI)1Months @ $$135/MonthFHA MI = 0.55%
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1003$1,413Taxes5Months @ $$283/Month1.13%
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1004$0TaxesMonths @ $/Month
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1005TaxesMonths @ $/Month
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1006Flood InsuranceMonths @ $/Month
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1007Aggregate Analysis Adjustment
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1100TITLE CHARGESFixed by your title company - brokers just estimate so call your title company and get the numbersTotal for 11XX$2,896
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1101$775Closing Fee
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1102Tax Certi.
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1103Title Examination
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1104Title Insurance Binder
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1105$50Document Prep Fee
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1106$45Courier/Settlement Agent
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1107Attorney/Settlement Agent
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1108$1,851Title Insurance both liens
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1109Second Lien Filing fee
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1110$175Notary fee
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1200GOVERNMENT RECORDING & TRANSFER CHARGESSet by your county/city/stateTotal for 12XX$90
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1201$90Recording
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1202MUD district recording fee
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1203State Tax/Stamps
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1204
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1300ADDITIONAL SETTLEMENT CHARGESTotal for 13XX$200
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1301$200Pest inspection$125-$250. Check for damage to wood by water, mold, pests. Optional.
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1302
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1304
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TOTAL ESTIMATED BORROWER CLOSING COST + PREPAIDS$12,392less FHA financing fee =$7,326
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TOTAL ESTIMATED FUNDS NEEDED TO CLOSETOTAL ESTIMATED MONTHLY PAYMENT
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$300,000Sales Price
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$294,566Loan Amount$1,581Principle and Interest (PI or P&I)
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Earnest Money
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Buyer provided closing costs
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$10,500Downpayment$283Property Taxes (PT)
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$83Hazard/Homeowners Insurance
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$5,006Estimated Closing Cost$135Mortgage Insurance (MI)
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$2,320Estimated Pre-Paids
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$17,826Estimated Cash to Close$2,082TOTAL MONTHLY PAYMENT before tax benefit & maintenance costs (PITI)
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Conservative estimate of affordability: is this monthly cost < 28 to 32% of your pre-tax income?
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Annual pre-tax income =$80,000then affordable from$1,867/month
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up to $2,133/month
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TAX INFORMATION / BENEFIT
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$5,010taxes & MI/year
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$14,23275% of PI applied toward interest1st year only! This will decease over time as you pay more toward principle and less toward interest
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$18,530total taxes and interest
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25.00%Tax bracketIncreases to 28% at ~$140,000
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Tax benefit:$4,633/year$386.05/monthYou can increase your deductions at work to account for this before tax season.
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MAINTENANCE COSTS / "HIDDEN" COSTSVaries widely on may factors including age of house, recently of prior substantial work, etc
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Annual Maintenance costs0.5%$1,500/year$125/month
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Annual Renovation costs0.5%$1,500/year$125/month
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If moving from a rental or to a larger home, consider costs of utilities will increase, ask the current occupant what their utilities have been and compare yours.
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