U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-19-2011, 05:30 PM
 
388 posts, read 1,215,936 times
Reputation: 131

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 11-19-2011, 08:47 PM
 
1,221 posts, read 1,510,853 times
Reputation: 804
what interest rate?
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 08:56 PM
 
1,221 posts, read 1,510,853 times
Reputation: 804
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
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 10:37 PM
 
388 posts, read 1,215,936 times
Reputation: 131
Quote:
Originally Posted by Middlin View Post
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?
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 10:53 PM
 
502 posts, read 582,614 times
Reputation: 505
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:

Add the following:
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
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 11:14 PM
 
388 posts, read 1,215,936 times
Reputation: 131
Quote:
Originally Posted by shamrock847 View Post
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:

Add the following:
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
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.
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 11:27 PM
 
Location: Aldie, VA
199 posts, read 562,095 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.
Reply With Quote Quick reply to this message
 
Old 11-19-2011, 11:57 PM
 
388 posts, read 1,215,936 times
Reputation: 131
Quote:
Originally Posted by gammann View Post
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..
Reply With Quote Quick reply to this message
 
Old 11-20-2011, 08:42 AM
 
429 posts, read 927,895 times
Reputation: 497
Quote:
Originally Posted by vauser View Post
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.
Reply With Quote Quick reply to this message
 
Old 11-20-2011, 04:05 PM
 
1,221 posts, read 1,510,853 times
Reputation: 804
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2013 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top