To determine the total estimated and actual closing costs for the given home loan of [tex]$90,000, we need to add up the charges listed for each category.
Estimated Closing Costs:
1. Loan origination: \$[/tex]180
2. Title insurance: \[tex]$365
3. Attorney's fees: \$[/tex]795
4. Inspection: \[tex]$300
5. Recording fees: \$[/tex]120
6. Escrow: \[tex]$980
Let's calculate the total estimated closing costs by summing these amounts:
\[
\begin{align*}
\text{Total Estimated Costs} &= 180 + 365 + 795 + 300 + 120 + 980 \\
\text{Total Estimated Costs} &= 2740
\end{align*}
\]
Actual Closing Costs:
1. Loan origination: \$[/tex]180
2. Title insurance: \[tex]$340
3. Attorney's fees: \$[/tex]830
4. Inspection: \[tex]$375
5. Recording fees: \$[/tex]150
6. Escrow: \[tex]$1000
Now, let's calculate the total actual closing costs by summing these amounts:
\[
\begin{align*}
\text{Total Actual Costs} &= 180 + 340 + 830 + 375 + 150 + 1000 \\
\text{Total Actual Costs} &= 2875
\end{align*}
\]
Summary:
The total estimated closing costs for the home loan is \$[/tex]2740, and the total actual closing costs are \$2875.
