Michigan Purchasing Cost Estimate
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How to fill out Purchasing Cost Estimate?
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FAQ
Estimated total cost means the aggregate total cost of the supplies or services to be provided or works to be performed under a contract (as distinct from the annual value) estimated prior to its procurement.
The goal of each cost estimation method is to estimate fixed and variable costs and to describe this estimate in the form of Y = f + vX. That is, Total mixed cost = Total fixed cost + (Unit variable cost × Number of units).
Based on published tuition prices, we estimate the current cost of a 4 year bachelor's degree and living expenses at University of Michigan to be $125,936 - assuming graduation in normal time.
The best guess most financial advisors and websites will give you is that closing costs are typically between 2% and 5% of the home value. True enough, but even on a $150,000 house, that means closing costs could be anywhere between $3,000 and $7,500 that's a huge range!
Closing costs typically range from 3%6% of the home's purchase price. 1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it's important to pay close attention to these fees.
You'll pay around 1.8% of your home's final sale price in seller closing costs when you sell a home in Michigan. For a $228,120 home the median home value in Michigan you'd pay around $4,021.
Closing costs typically range from 3%6% of the home's purchase price. 1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it's important to pay close attention to these fees.
Apply for a Closing Cost Assistance Grant One of the most common ways to pay for closing costs is to apply for a grant with a HUD-approved state or local housing agency or commission. These agencies set aside a certain amount of funds for closing cost grants for low-to-moderate income borrowers.
The amount is based on the final sale price. For example, based on the median Michigan home value of $151,700, real estate transfer taxes of $1,140 and $167.20 would need to be paid to the state and county, respectively. If the fees were split 50/50, then you would need to contribute $653.60.
According to data from ClosingCorp, the average closing cost in Michigan is $4,210.71 after taxes, or approximately 2.11% to 4.21% of the final home sale price.
