Here is a very rudimentary spreadsheet I developed for calculating the buyer’s closing costs. I cannot stress enough that you need to speak with a mortgage professional for a more accurate estimate of closing costs.
When using the spreadsheet, feel free to make any changes, although the green numbers are the ones you’ll most likely change. If you make a mistake, just hit “refresh” on your browser and the spreadsheet will reset.
Again, the costs in the spreadsheet can vary widely. The 1% loan origination fee is a general estimate. Your mortgage company might have some additional fees, or you may choose to pay some points down on your interest rate. You will need to finalize your closing cost estimate with a mortgage professional.
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I totally agree. Conventional wisdom with regards to renting vs. buying has changed so many times thanks to the financial crisis people don’t know what to believe any more. I get the feeling we’re definitely going to see some government intervention if inflation keeps rising and renting becomes even more unaffordable.