Whether you are a new homebuyer, an experienced one or a refinancing homeowner, closing costs can be a bit confusing. They are basically expenses that come with the mortgage loan processing process. Since mortgage loans are offered by lenders, closing costs are also charged by and paid to lenders. But there are third party fees involved. Lender’s costs include loan origination fees while third party costs are things like appraisal fees, survey fees, title insurance and taxes among others.
Alabama Closing Cost Calculator
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Closing Cost Details
Cost Breakdown
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Home Price
Down Payment / 20%
All information and results provided by this Closing Cost Calculator are estimates only. They will in no way accurately reflect actual closing costs. This calculator is to be used only to establish and estimate of closing costs. There are many unique factors that will affect the actual cost.
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Loan Amount
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Total Closing Costs
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Closing Cost & Fees
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Escrow & Other Expenses
$0
Total Due at Closing
$0
Loan Costs
Other Costs
Origination
Points
Appraisal
Credit Report
Flood Certification
Title Search & Lender Title Insurance
Home Inspection
Postage
Survey
Attorney & Closing Fees
Loan Cost Totals
Government Recording Fee
Transfer Tax
Homeowners Insurance
Up Front Mortgage Insurance
Daily Interest
Escrow Homeowners Insurance
Escrow Property Taxes (3 months)
Title Insurance
Other Cost Totals
On average, closing costs in Alabama amount to an average of 2.5% of the total loan amount. But that varies from one lender to another and from one state to another. Getting the help of a mortgage professional that understands the closing cost associated with a mortgage in Alabama can help you reduce the amount of closing costs you pay and can ultimately get you a better deal.
Alabama Mortgage Rates for 10.4.23
30 Yr. Fixed7.625%APR 8.163%
15 Yr. Fixed7.000%APR 7.549%
30 Yr. Fixed FHA6.750%APR 7.748%
30 Yr. Fixed VA6.750%APR 7.219%
Rates as of October, 4 2023 See All Rates | See Rate Assumptions
Instant rate & closing cost quotes. No SSN required. 100% transparent process & “real” rates mean you save money and spend less out of pocket. No hard sales – guaranteed!
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
Also, note that the total amount that you will pay largely depends on where your house is located. For instance, the average closing costs around Shelby County add up to $3,466 for a $200,000 mortgage. The same mortgage amount in Jefferson County may have you paying closing costs of $4,189. The main difference in cost is caused by varying costs of origination points and survey.
For a more detailed breakdown of Alabama closing costs for each county, please contact us and we will be sure to provide you more information. Give us a call, or take 30 seconds and get your FREE, custom rate and closing cost options.
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