Page 13 - March 2023 Issue

The mortgage insurance on a USDA loan for a house with a
sale price of $250,000 would be $2,500 making the amount
borrowed $252,500 and a payment of $1,513 at 6% for 30
years. To this add $74 for monthly mortgage insurance (.35%
of $252,500 or $884 divided by 12) making the total monthly
payment $1,587.

The up front mortgage insurance for an FHA loan of $4,221
would be based on a loan amount of $241,250 because of
the 3.5% down payment requirement of $8,750 making the
total loan amount $245,471. The payment at 6% for a 30
year mortgage would be $1,471 plus the monthly mortgage
insurance of $173 (.85% of $245,371 or $2,086 divided by
12) for a total monthly payment of $1,644, or $57 more than

USDA. The biggest difference between the two programs is the
$8,750 down payment.
Buyer paid closing costs consist of three main buckets of TRINITY UMC CALVARY UMC Trinity United
expenses, lender charges, title company charges and transfer
and recordation taxes. The total cost of all of these items will Methodist Church

vary depending on purchase price, and can be in the $8,000 to
302 Church Lane, Goldsboro, MD
$12,000 range. I hesitate to use a percentage of purchase price
such as 5% because it may be close for a $150,000 house at Sunday Worship and
$7,500 but may be too much for a $350,000 house where 5%
would be $17,500 when the actual costs may only be $11,000 HENDERSON UMC Sunday School at 9:15 AM
to $12,000.
(continued on next page) Pastor Dale Krupla

“L CK”

to find your dream H ME

Call us today! 410-479-HOME

Kathleen Brenton

Broker/Realtor
(410) 829-3430

www.TheBrentonRealtyGroup.com

10794 Greensboro Road
Denton, MD

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