Buyer Expenses
| Expense | General Cost | Equation |
|---|---|---|
| Purchase Price | ||
| Mortgage Discount Points | 0 - 3% of loan value | 0.03 x loan value |
| Mortgage Origination Points | 0 - 1% of loan value | 0.01 x loan value |
| Lender Fee | $750 - 1,000 | |
| Attorney Fee | $250 - 400 | |
| Title Policy Existing Home* |
$35 |
|
| New Construction** | $100,000 - $719 $200,000 - $1,169 $300,000 - $1,619 $400,000 - $2,069 $500,000 - $2,519 $750,000 - $3,269 $1,000,000 - $4,019 |
(0.00375 x sale price) + ~350 |
| Tax Stamps - State | 0.115% of loan value | (0.00115 x loan value) + 1.00 |
| Tax Stamps - County | 0.375% of loan value | (0.00375 x loan value) + 1.00 |
| Survey (optional) | $250 - 800 | |
| Home Inspection | $250 - 500 | |
| Recording Fee | $90 - 125 | |
| Home Insurance | Annual Insurance = ~0.5% of sale price | 0.005 x sale price |
| Taxes (three months) *** | Annual Taxes = ~1.0% of sale price | (0.01 x sale price) x (remaining days-of-the-year) / 365) |
*Existing Home, seller pays: In Nashville, title policy must be paid by seller, and buyer receives the right of “simultaneous issue” ($35).
** New Construction, buyer pays: Builders do not follow the tradition, and most provide a warranty.
*** Taxes prorated to enable one full year collected by December