First-time buyers routinely under-budget closing costs. Here’s the actual breakdown for a typical $340,000 Charleston purchase with a 5% down conventional loan. Real numbers, no hand-waving.
Lender and third-party fees
- Lender origination: $0-$1,200 (lender-specific; we don’t charge origination on most files)
- Credit report: $75
- Appraisal: $575-$675
- Flood certification: $15
- Title insurance (lender’s + owner’s): $1,400-$2,000
- Attorney fee (SC is attorney-close state): $850-$1,100
- Recording fees and state stamps: $350-$500
Prepaid items
- Homeowners insurance (12 months prepaid): $1,200-$2,400
- Property tax escrow (3-6 months): $500-$1,500
- Prepaid interest (to first of next month): $300-$1,000
- Initial escrow deposit: varies
Total estimated closing costs: $7,500-$10,500 on a $340K purchase — roughly 2.2-3.1%. Layer in SC Housing DPA and seller concessions to reduce your out-of-pocket significantly.
Ready to run your own numbers? Charleston first-time buyer guide · Closing cost calculator · Start your application.
Leave a Reply