Closing costs and cash to close

Florida defaults built in. Change any line to match a Loan Estimate you were given.

Purchase price ($)

Down payment (%)

Interest rate (%)

Lender origination and underwriting fees ($)

Discount points (% of loan)

Appraisal ($)

Credit report and flood certificate ($)

Settlement, closing and lender title fees ($)

Owner's title policy

Survey ($)

Home inspection ($)

Prepaid interest days

Home insurance ($ per year, first year prepaid)

Property tax ($ per year)

Escrow months collected for taxes and insurance

Recording fees ($)

Seller credit toward closing costs

Your inputsFlorida defaults: documentary stamp tax on the note at $0.35 per $100 of loan, intangible tax at $0.002 per dollar of loan, owner title policy at the Florida promulgated rate ($5.75 per $1,000 to $100,000, $5.00 per $1,000 from $100,000 to $1 million). Deed stamps are customarily paid by the seller in most Florida counties and are not included.

How to read it

Closing costs split into three groups. Lender and third party fees pay for the loan and the title work. Government charges in Florida are the documentary stamp tax on the mortgage note and the intangible tax on the mortgage, both set by statute and charged on the loan amount. Prepaids are not fees at all: interest from closing to month end, the first year of insurance, and the escrow cushion the servicer holds for taxes and insurance.

Cash to close is the down payment plus all of that, minus any seller credit and your earnest money already paid. Compare each line to page 2 of the Loan Estimate; the government and prepaid lines should match closely, the lender fees are where quotes differ.

An illustration, not a loan offer, a rate quote or advice. Your numbers depend on your application, the property and the lender. See disclaimers.

Questions people ask

Who pays the owner title policy in Florida?

It varies by county custom. In most of Florida the seller pays for the owner policy; in Miami-Dade, Broward, Sarasota and Collier the buyer customarily pays. The contract decides. Switch the setting to match yours.

What are documentary stamps and intangible tax?

Florida charges a documentary stamp tax on the promissory note at 35 cents per 100 dollars of the loan, and a non recurring intangible tax of 2 mills on the mortgage amount. Both are paid at closing and appear on the Loan Estimate under taxes and government fees.