Ernest is purchasing a $175,000 home and is making a 20% down payment toward the cost. He is also buying 2 points in order to lower his interest rate. The appraisal fee is $400, the title is $300, and the processing fee is $575. Including the down payment, what are his total closing costs?

A.

$39,075

B.

$37,246

C.

$32,315

D.

$33,143

Question

Ernest is purchasing a $175,000 home and is making a 20% down payment toward the cost. He is also buying 2 points in order to lower his interest rate. The appraisal fee is $400, the title is $300, and the processing fee is $575. Including the down payment, what are his total closing costs?



 



A.

$39,075




 



B.

$37,246




 



C.

$32,315




 



D.

$33,143