Give Counselors Title the opportunity to save you money on your closing costs. Simply answer a few questions in our CLOSING COST CALCULATOR FOR MD, DC OR VA, or call us at (202)-686-0100 to get the best possible quote.
CALCULATING CLOSING COSTS
- Some General Principals
- ‘Tis better to overestimate than underestimate
- First payment on a new loan will be due on the 1st day two months after the settlement ( i.e., close in February, 1st payment is April 1)
- Loan interest is paid in arrears
- Seller costs
- Payoffs
- RoT: Add 1 payment to principal balance
- Releases ($135.00 per release, $35 per release tracking)
- Tax Adjustments (usually a credit in MD, debit in DC)
- Transfer and Recordation Taxes (see below)
- Settlement Fee($399.00), MD Withholding($45)
- Commissions, Transaction fees and costs advanced
- Buyer costs
- Transfer and Recordation Taxes
- Maryland(MoCo)
- Total of 2.39 % of purchase price. Effective 9/1/16, add an additional .46% to the amount in excess of $500,000
- Parties split unless otherwise agree (almost 1.2% each)
- First Time Home Buyer
- exempt from State Transfer only
- Seller pay unless otherwise agree
- Owner Occupant
- 1st $100K exempt from State Recordation only
- $890.00 savings ($445 each if split)
- D.C.
- Total of 2.9% (if under $400,000.00, total of 2.2%)
- Transfer Tax (Seller) 1.45% (1.1% if under $400K)
- Recordation Tax (Buyer) 1.45% (1.1% if under $400K)
- parties split unless otherwise agreed (1.45% each)
- VA.
- Buyer pays grantee taxes of 0.3334% per document.
- Seller pays grantor taxes of 0.25% of sales price
- CALCULATING CLOSING COSTS
- Escrows
- Property taxes
- Maryland (www.montgomerycountymd.gov/apps/tax)
- Tax year runs 7/1 to 6/30
- Taxes payable:
9/30 (7/1 – 12/31)
12/31(1/1 – 6/30) - need 11 months by September payment
- Estimated Months of Escrow needed: J(4);F(5);M(6);A(7);M(8);J(9); J(10);A(11);S(6);O(7);N(8);D(3
-
D.C. (www.taxpayerservicecenter.com)
- Tax year runs 10/1 to 9/30
-
Taxes payable:
3/15 (10/1 – 3/30)
9/15 (4/1 – 9/30) - need 8 months by March or September payment
-
Estimated Months of Escrow needed:
J(7);F(8);M(3);A(4);M(5);J(6);
J(7);A(8);S(3);O(4);N(5);D(6)
- Virginia (www.fairfaxcounty.gov/dta/pay-real-estate-taxes/)
- Tax year runs 1/1 to 12/31
-
Taxes payable (Varies by County)
7/28 (1/1 – 6/30)
12/5(6/30 – 12/31) - need 8 months by July payment
-
Estimated Months of Escrow needed:
J(2);F(3);M(4);A(5);M(6);J(7); J(8);A(4);S(5);O(6);N(7);D(8) - Homeowner’s coverage
- Need 1 year up front plus 3 months
- Title Insurance
- Figure $5.23 per $1,000.00 ($6.84 for DC)
- Ask us about possible reissue discount
- Tax Adjustments (usually debit in MD, credit in DC and VA)
- One Title Fee, including title abstract ($899)
- Filing Fees
- MD: $60.00 per document (estimate $120.00)
- DC $31.50(1st 2 pages) , then $7.00 per page (estimate $188.00)
- VA $43.00 (estimate $99)
- Possible Tax escrows by title company
- MD (September and December)
- DC (March and September)
- VA (July and December)