How Do You Calculate Closing Costs On A Fixed-Rate Mortgage?
When buying a home, buyers must decide whether they want a fixed-rate or adjustable-rate mortgage. Fixed-rate means that the interest rate never changes for the life of the loan. Adjustable-rate means the interest rate changes yearly and can go higher or lower. Once that’s decided, buyers need to know the closing costs, which are the fees associated with getting a mortgage from a lender. Closing costs are calculated slightly different for fixed-rate and adjustable-rate mortgages. There are several closing-cost calculators available online from a multitude of different websites with different versions for fixed-rate and adjustable-rate mortgages. This guide is specific to fixed-rate mortgages. Find a closing-cost calculator for a fixed-rate mortgage available from a legitimate website—preferably from a well-known financial institution such as Bank of America. Calculators can be found through any search engine by entering “calculating closing costs” and “fixed-rate mortgage.” Choose ca
