How can i calculate the closing cost of a mortgage of $300,000? Can you give me a rough estimate?

Assuming that you are obtaining grade "A" financing:

Approximately 3.5% of the LOAN amount. You have prepaid costs like the credit report, flood cert, appraisal fee, mortgage costs, first year of home owners insurance, escrow funds, attorney closing fees, transfer taxes, deed taxes, real property taxes are prorated, just to name several expenses off the top of my head.

I usually prepare my clients with this figure and it usually is slightly more than they need to close but that is better than not enough. Better to have money left over in other words. Payment of points and origination fees will also bear on the costs.

It is roughly 7% of the loan amount ... but can vary greatly from state to state and county to county. And also depends on your lender and the loan points.... Your loan officer can give you a "good faith estimate" which will outline all of the closing costs involved.

Its different for everyone, based on your qualifications. A HUGE guess would be 2-5% of the loan amount. Have you talked with a specialist? Are you buying or refinancing? How is your credit? What is the value of your home? All this and more go into calculating your qualifications and "risk" level. In lending, risk = rate + cost.

$18,000 commission if selling.

If buying, figure to have about $5,000 in fees/inspections along with about another $15,000 down minimum.

Call a realtor for more accurate amount as it varies from city to city.

If you are going through sub-prime lending through a mortgage broker than figure up to 6% of the purchase price. A prime lender will charge you $3,000 or less. If you are a strong buyer than negotiate the closing costs with your lender. All costs will be stated in your good faith estimate prior to closing. Also, Negotiate in the contract-Have the sellers pay the closing costs, though an exact amount will have to be inked in.

Don't need to, sellers are suppose to pay for them in this housing market.

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Loan origination fee: 1%. $3,000
Points: 0% - 2% typical. $0 - $6,000
Survey (if current one not available): $200 - $500
Title Insurance (lenders): 1% typical. $3,000
Title Insurance (yours): .25% typical. $750
Closing: $350 - $700
Recording fees: $25 - $200
Stamp duty (not all states): 0% - 1%. $0 - $3,000
Prepaid interest: $1,500
Impounds: $0 - $6,000

Not all items apply to all loans. Your lender or closing agent will give you a good faith estimate.

around 7500 - 10,000

2 to 2.5% of the loan amount.

This separates into two components, actual closing costs and points.

Closing costs are paying for the things that have to be done in order to get the loan done. Lender fees, title, escrow, appraisal, processing, notary, recording. These are all services that have definite costs. You can figure approximately $3500, although many loan providers, escrow services, and title insurance companies will add junk fees to that.

Points separate into two sub-categories: origination and discount. Discount points are money you spend to buy your rate down below where your would have gotten without it. This is completely dependent upon your loan in particular. Origination is a fee to the people who do your loan. Both can be chosen by savvy clients, or clients of good providers who will take the time to explain this stuff to you. There is always a trade off between the rate you will get and the cost you will pay. You can choose a loan where the rate costs several points. This makes a certain amount of sense if you are getting a thirty year fixed where you're going to keep the loan a very long time - ten years or more. This will be the lowest rate and the lowest payment, but if you don't keep it very long, you've still paid tens of thousands of dollars that you don't get back. You can choose a rate such that there are no points, and the broker's origination is paid by the lender. You can choose a rate such that all of the costs are paid by the lender's yield spread, which can be thought of as negative discount. Although this rate will be higher, it's often something you should stronglu consider, given that most people don't keep their loans more than two years and it doesn't cost you anything.

There's not much point in paying $10,000 for a lower rate that makes a difference of $40 per month to your payments - and that you keep for only 18 months. Spending $10,000 to save $720 is a good way to go broke - especially since most people roll the $10,000 into their balance, where they are paying interest on it also.

Shop loans not only by type, but by rate AND cost and by whether the lender is willing to guarantee their quote in writing. And I don't mean with a Good Faith Estimate (MLDS in California). Those mean nothing. I mean with a separate sheet of paper that says if the loan type, rate, and total cost are not according to the initial quote, they will pay the difference, not you.

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