movebeachside

About ClearBuySM Estimates

Last updated: February 2025

What is ClearBuySM?

ClearBuySM is Move Beachside's transparent cost estimator that shows you the total estimated cost of purchasing a home — not just the listing price. Most buyers are surprised by the additional costs that come with closing on a home. ClearBuySM breaks down every major expense so you can plan your budget with confidence.

For every listing, ClearBuySM calculates your estimated cash to close (the total amount you need on closing day) and your monthly payment (principal, interest, taxes, insurance, HOA, and any mortgage insurance). You can customize the estimate by adjusting the loan program, down payment percentage, and interest rate.

What's Included in the Estimate

Cash to Close

  • Down payment — based on the percentage you select
  • Documentary stamps on deed — Florida's transfer tax at $0.70 per $100 of the purchase price
  • Intangible tax on mortgage — Florida tax at $0.20 per $100 of the loan amount
  • Lender's title insurance — calculated using Florida's promulgated tiered rates
  • Title / settlement agent fee — estimated range based on typical Brevard County fees
  • Recording fees — county recording charges
  • Appraisal — required by most lenders
  • Survey — property boundary survey
  • Home inspection — estimated range for standard inspection
  • Lender origination fee — estimated range
  • Prepaid interest — approximately 15 days of daily mortgage interest
  • Insurance escrow — 14 months of homeowners insurance (first year premium + 2-month cushion)
  • Tax escrow — 4 months of property taxes deposited into escrow

Owner's title insurance is typically paid by the seller in Brevard County and is not included in the buyer's estimate.

Monthly Payment (PITIA)

  • Principal & interest — standard amortization based on your loan amount, rate, and term
  • Property taxes — estimated using city-specific millage rates for your property's location
  • Homeowners insurance — estimated using property characteristics (age, construction, waterfront status, and whether HOA covers building insurance for condos)
  • HOA fees — normalized to a monthly amount based on the listed payment frequency (monthly, quarterly, or annually), including secondary HOA fees where applicable
  • Mortgage insurance (PMI/MIP) — calculated based on loan-to-value ratio, credit score tier, and loan program (conventional PMI, FHA MIP, or VA funding fee)
  • Flood insurance — included when applicable to the property

Reserves

ClearBuySM also shows the estimated 6-month reserve requirement. Many lenders require borrowers to have several months of mortgage payments in liquid assets after closing. While not a closing cost, this is an important part of your total cash planning.

Loan Programs

ClearBuySM supports estimates for three loan programs, each with program-specific cost calculations:

  • Conventional — standard PMI when the down payment is below 20%, with rates based on your credit score tier and loan-to-value ratio
  • FHA — includes the 1.75% upfront mortgage insurance premium (financed into the loan) and annual MIP (added to the monthly payment)
  • VA — includes the VA funding fee (financed into the loan) based on down payment, first vs. subsequent use, and disability exemption status; no monthly mortgage insurance

How We Calculate Property Taxes

Property tax estimates use city-specific millage rates for municipalities in Brevard and Indian River counties. Rates are applied to the purchase price as the assessed value. If the property qualifies for Florida's homestead exemption, the estimate reflects the reduced taxable value.

How We Estimate Insurance

Homeowners insurance is estimated using a base rate of approximately 1% of the home value, adjusted for property-specific factors:

  • Older homes (built before 2000) receive a higher estimate due to increased risk
  • Waterfront properties receive an upward adjustment
  • Concrete block / masonry construction receives a discount; frame construction receives a surcharge
  • Condos and townhouses where the HOA covers building insurance are estimated using a walls-in (HO-6) policy instead

Important Disclaimers

ClearBuySM estimates are provided for informational and planning purposes only. They do not constitute a loan offer, pre-qualification, or commitment to lend.

  • Actual costs will vary based on your lender, loan program, credit profile, property condition, and other factors specific to your transaction.
  • Insurance estimates are not quotes. Actual premiums depend on your insurer, coverage selections, deductible, claims history, and property inspection.
  • Closing cost ranges are estimates based on typical fees in the area. Your actual closing disclosure will detail the final amounts.
  • Tax estimates are based on current millage rates and may change. The property appraiser's assessment may differ from the purchase price.
  • Interest rates shown may reflect real-time market data but are not locked or guaranteed.

Always consult with a licensed mortgage professional and review your Loan Estimate and Closing Disclosure documents for the actual costs of your transaction.

Questions? If you have questions about ClearBuySM estimates or need help understanding the costs of purchasing a home, please contact:

Move Beachside Realty, LLC
Phone: (321) 345-7735