California Mortgage Closing Cost Calculator with Taxes, homeowners insurance, and HOA
This help page is designed to assist you in understanding the components that contribute to the cash required for closing on your mortgage, ensuring transparency and clarity throughout the process.
Using a mortgage closing costs calculator aids in approximating your overall closing expenditures. It's important to note that the displayed dollar figures are not assured and the actual amount you pay might vary. The estimates provided serve purely illustrative and educational purposes. Our closing costs calculator offers insights into your unique financial circumstances, enabling you to comprehend the breakdown of closing expenses. We'll guide you through each item step by step, providing clarity on the components you'll be financially responsible for.
How to use the California Mortgage Closing Cost Calculator?
With the Mintrates Closing Cost Calculator, you can input a whole bunch of different numbers and see where they lead you. Follow the steps below:
- Enter your Property Zip Code (Postal)
- Enter your Home Price
- Enter your Down Payment
- Enter your Mortgage Interest Rate (by default it shows today's Mortgage Rates*).
- Select a loan term (Years): 30 Years, 20 years, or 15 Years scenario
- In seconds, California Mortgage Closing Cost Calculator will have an estimate of the monthly overview of your monthly payment, including principal and interest — and the additional payments, like Property taxes, Homeowners insurance, and condo/HOA fee if you provide that. The more info you can provide, the more accurate the Total Monthly Payment result will be. Below you will see the Total estimated cash to close.
- Scroll down to see the table "Total estimated cash to close worksheet" to explore the worksheet with detailed information and Total estimated cash to close. It displays the cost for each row: Purchase Price, Less Earnest Money, Total Mortgage Loan Amount, Total Second Mortgage Amount, Total Estimated Closing Costs, Total Estimated Prepaids, and Escrow, Less Costs Pd By: Seller/Lender/3rd Party, Less Items Paid Outside of Closing (POC).
- Click the "Download in PDF" button to start downloading the PDF Report.
The California Mortgage Closing Cost Calculator Basic inputs
Using a mortgage closing cost calculator can help you quickly and accurately predict your closing cost expenses with just a few pieces of information. It can also show you details of fees. To use this closing cost calculator, you’ll need the following information:
Home price — The dollar amount you expect to pay for a home.
Down payment — Money paid for a house from one’s funds at closing. The down payment will be the difference between the purchase price and the mortgage amount.
Mortgage Interest Rate (%) — The periodic charge, expressed as a percentage, for the use of credit.
Mortgage period (years) — This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)
Veteran or Military — Select this checkbox if you are a veteran or currently serving in the military. Choosing this option might make you eligible for special mortgage programs and benefits designed to support veterans and active-duty service members. If you qualify, these programs could potentially offer reduced interest rates, lower down payment requirements, and other financial advantages to help you achieve your homeownership goals.
Property tax — A government tax based on the market value of a property.
Home insurance — Home insurance or homeowners insurance is typically required by lenders. You can edit this number in the mortgage calculator's advanced options.
HOA Fee — Owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.
Understanding the Mortgage Total Estimated Cash to Close Worksheet
Purchase Price: The total cost of the property you are buying.
Less Earnest Money: The amount of earnest money you paid as a deposit to demonstrate your commitment to the purchase. This is deducted from the purchase price.
Total Mortgage Loan Amount: The sum of the primary mortgage loan you will be obtaining to finance the property.
Total Second Mortgage Amount: If applicable, the total amount of a second mortgage or home equity loan.
Total Estimated Closing Costs: The combined costs associated with finalizing the mortgage transaction, including fees for services provided by various parties.
Total Estimated of Prepaids and Escrow: The projected costs for prepayments (such as property taxes and homeowner's insurance) and funds held in escrow.
Less Costs Pd By: Seller/Lender/3rd Party: Any costs that are covered by the seller, lender, or a third party involved in the transaction.
Less Items Paid Outside of Closing (POC): Any expenses that are paid directly and not included in the closing costs.
Total Estimated Cash to Close: The total amount of funds you will need to bring to the closing table to complete the purchase, which includes the down payment, closing costs, and other relevant expenses.
Understanding the Estimated Closing Cost Worksheet
Underwriting and Processing Fee: This fee covers the cost of reviewing and processing your mortgage application.
Origination Fee: The origination fee encompasses administrative expenses related to setting up your mortgage.
Credit Report: This fee pertains to obtaining your credit report to assess your creditworthiness.
Appraisal(s) Fees: Appraisal fees cover the cost of evaluating the property's value.
Flood Certification: This fee is for determining if the property is located in a flood zone.
Tax Service Fee: The tax service fee covers the expense of monitoring property tax payments.
Title Search and Lender's Title Insurance: These costs include researching the property's title and obtaining lender's title insurance.
Owner's Title Insurance Policy: This policy safeguards your property ownership rights and interests.
Closing/Escrow/Settlement: This fee accounts for the services provided during the closing process.
Recording Fee Mortgage: The recording fee for the mortgage documents with the appropriate government office.
Recording Fee Deed: The cost associated with recording the property deed.
State Mortgage Tax/Stamps: State-imposed taxes or fees on the mortgage transaction.
Transfer Tax: A tax levied when the property ownership transfers.
Survey: The expense of conducting a property survey to establish boundaries and dimensions.
Total Estimated Closing Costs: A summary of all the expenses involved in the mortgage closing process.
Understanding the Estimated Cost of Prepaids and Escrow Worksheet
Prepaid Interest: This involves paying the interest on your mortgage for a specific number of days before your first regular monthly payment is due. The calculator considers the number of days and calculates the cost per day.
Escrow Property Taxes: This represents the amount needed to fund your property taxes, usually for a set number of months. The calculator factors in the months and calculates the required amount.
Insurance Escrow: Insurance escrow covers homeowners' insurance costs for a certain number of months. The calculator includes this and calculates the total.
Total Estimated of Prepaids and Escrow: This summarizes the combined amount of prepaid interest, escrow for property taxes, and insurance escrow, providing you with an estimate of these upfront expenses.
Our California Mortgage Closing Cost Calculator helps you understand and anticipate these prepaid and escrow-related costs, offering a clearer picture of your overall closing expenses.