City-Data Forum GFE and Property Tax Calculator (sales, real estate, HOA fees)
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11-19-2011, 04:30 PM
 418 posts, read 1,319,160 times Reputation: 150

Is there a site that would help me generate a GFE (with reasonably good accuracy)? The home mortgage calculators don't seem to factor in the county taxes and insurance so aren't particularly helpful.

Also, is the property tax, say for Loudoun, 1.32% of the property price or is it 1.32% of only a certain percentage (heard the number, 90% from the seller though haven't found s verification online) of the total property value?

I am basically trying to calculate the monthly payment for a \$600K home in Loudoun (new home) with a 20% downpayment. Thanks.

11-19-2011, 07:47 PM
 1,282 posts, read 1,729,472 times Reputation: 877
what interest rate?

11-19-2011, 07:56 PM
 1,282 posts, read 1,729,472 times Reputation: 877
Assuming the assesed value of \$540k, interest rate of 4.5%. RE tax of 1.28 per 100,(\$5400 yr) hazard ins about \$800 a year. My calc is very close to \$3k

11-19-2011, 09:37 PM
 418 posts, read 1,319,160 times Reputation: 150
Quote:
 Originally Posted by Middlin Assuming the assesed value of \$540k, interest rate of 4.5%. RE tax of 1.28 per 100,(\$5400 yr) hazard ins about \$800 a year. My calc is very close to \$3k
Is the assessed value lower than the purchase price of the house typically? How is it calculated?

11-19-2011, 09:53 PM
 504 posts, read 651,506 times Reputation: 512
Those numbers look about right to me, although they're too low on the property tax - I think \$7k per year is more realistic on a \$600k property. The property tax is a straight % of the assessed value which you can look up online. If you take your monthly Principal & Interest payment (from any mortgage calculator) and add about \$600/mo for taxes and \$70/mo for insurance you should be pretty close. Also, you may want to factor in HOA dues. Bottom line your monthly payment will probably be around \$3k depending on your interest rate.

If you are asking about a GFE for closing costs, I don't know of any websites that do this for you, but you can use the HUD-1 form to come up with one on your own:

origination fees/points

daily interest/insurance/taxes (your payment for the rest of the month)

initial escrow deposit (varies but 3-4 mo of insurance and taxes is not unusual)

Title services/Lender's title insurance

Owner's title insurance

Govt recording charges

Transfer taxes

survey, inspection etc

adjustment for taxes/HOA fees paid by seller in advance (they get refunded a pro-rated part based on the date of sale)

Then subtract
any credit from the seller and your earnest money

11-19-2011, 10:14 PM
 418 posts, read 1,319,160 times Reputation: 150
Quote:
Thanks but is the assessed value the same as the property value, or is it 90% of 600K? I have been told multiple things and haven't been able to verify what's accurate.

11-19-2011, 10:27 PM
 Location: Aldie, VA 199 posts, read 602,174 times Reputation: 92
You would be taxed on 100% of the assessed value. The Assessment value is determined by the county every year, see Real Estate Assessments: Frequently Asked Questions* (http://www.loudoun.gov/Default.aspx?tabid=712 - broken link). Your purchase price isn't necessarily the assessment value. Ideally you're buying it for less than it is worth.

I think the only way you might be able to determine what the assessment value might be, would be to look at similar properties and see what their assessed values are, https://inter1.loudoun.gov/taxadmin/webpdbs2008/.

As for the GFE, since these are mostly are what your lender is going to charge you, you would do best to get it from them. As stated above, some of those line items are going to change depending on the day of the month you close. If you are shopping for lenders, make sure you get GFEs from all of them, as this is one way to compare them. I would also visit the mortgage section on this board for more info.

11-19-2011, 10:57 PM
 418 posts, read 1,319,160 times Reputation: 150
Quote:
 Originally Posted by gammann You would be taxed on 100% of the assessed value. The Assessment value is determined by the county every year, see Real Estate Assessments: Frequently Asked Questions* (http://www.loudoun.gov/Default.aspx?tabid=712 - broken link). Your purchase price isn't necessarily the assessment value. Ideally you're buying it for less than it is worth. I think the only way you might be able to determine what the assessment value might be, would be to look at similar properties and see what their assessed values are, https://inter1.loudoun.gov/taxadmin/webpdbs2008/. As for the GFE, since these are mostly are what your lender is going to charge you, you would do best to get it from them. As stated above, some of those line items are going to change depending on the day of the month you close. If you are shopping for lenders, make sure you get GFEs from all of them, as this is one way to compare them. I would also visit the mortgage section on this board for more info.
Cool thanks. I compared some other properties nearby and it appears that they were assessed at about 90% of what I see as the sale price. Wonder if that 90% is some magic number..

11-20-2011, 07:42 AM
 429 posts, read 1,007,775 times Reputation: 506
Quote:
 Originally Posted by vauser Cool thanks. I compared some other properties nearby and it appears that they were assessed at about 90% of what I see as the sale price. Wonder if that 90% is some magic number..
I don't think there's anything magic about 90%. Remember that assessments are usually a lagging indicator. If the market is rising, assessments will usually be a little behind current value. If the market is declining, they might be higher than real value. This is magnified if you live in a place where value isn't reassessed annually. Also, I suspect they probably aim to be just a little low. If assessments are over an actual sales price, people would likely challenge the assessment. And when their rate is almost 1.3 percent, they can afford to cut a little slack on the assessed value.

11-20-2011, 03:05 PM
 1,282 posts, read 1,729,472 times Reputation: 877
Yes, I was assuming a home purchased for \$600k would be assessed approx 10% lower. If you use franklymls website for the area you are considering you see can homes sold/sale and the assessments to get a feel for what the difference is.
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