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  • Closing Costs Worksheet 2020

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How to fill out the Closing Costs Worksheet online

Understanding your closing costs is essential when purchasing or selling a home. The Closing Costs Worksheet provides a detailed breakdown of expenses, helping you anticipate and prepare for the financial aspects of the transaction. This guide will walk you through the process of filling out the worksheet online.

Follow the steps to complete your Closing Costs Worksheet with ease.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Begin with the 'Sale Price of Home' section. Enter the price of the home under both the buyer's and seller's funds at closing columns.
  3. Move to the 'Closing Agent Costs' section. Fill in the respective costs for both buyer and seller.
  4. Continue to the 'Loan Origination Fee' and 'Loan Discount Points' sections. Enter the applicable fees for both parties.
  5. In the 'Property Insurance' section, include costs for homeowner’s insurance, mortgage insurance, and property tax.
  6. Next, fill out the 'Government-Imposed Costs' section. Record any recording fees and transfer taxes.
  7. Complete the 'Additional Costs' section by entering the other fees expected to occur during the closing process.
  8. Calculate the 'Subtotal' for each section and then combine them to find the ‘Grand Subtotal’.
  9. Input the 'Earnest Money Deposit' and 'Mortgage Loan Amount' in their respective fields.
  10. Review all entries for accuracy, then save changes, download, print, or share the worksheet as needed.

Start filling out your Closing Costs Worksheet online today!

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To effectively record closing costs, you should maintain a detailed list of all expenses associated with the closing process. Use a Closing Costs Worksheet to organize these costs, including fees for inspections, appraisals, and closing services. Keeping track of these expenses helps ensure you do not overlook any costs and allows for easier reconciliation during the closing process. This method also keeps your financial documents in order for future reference.

Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges.

Closings costs on a rental property fall into one of three categories: Deduct upfront in the current year. Amortize over the loan term. Add to basis (capitalize) and depreciate over 27.5 years.

The exact amount you need, for both closing costs and your down payment, will be outlined in your Closing Disclosure, which is a document that you will receive at least three days before your closing.

To calculate closing costs, you can estimate 2% to 5% of the total amount you plan to finance. For example, with a loan of $200,000, you could estimate closing costs between $4,000 and $10,000. To get a more accurate estimate, request a Loan Estimate document from your potential lender.

The amount financed is shown on page 5 of your Closing Disclosure under "Loan Calculations." For example, if you have a $100,000 loan, but the lender is charging you $4,000 in certain types of fees in order to get the loan, the “amount financed” would be $96,000.

The general formula for calculating your cash to close is fairly simple. Your down payment plus your closing costs make up the majority of what you need to close on a mortgage, minus any credits from the seller or earnest money you've already deposited.

Closing costs typically run between 2% and 5% of the home's purchase price for homebuyers in California. However, many closing costs vary with the price of the home or the loan amount. JVM doesn't recommend paying discount points to lower your interest rate, but there are several other ways to decrease closing costs.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232