This amount will he required in step 4: but for now return to the other costs associated with the initial purchase of the home: In Closing Costs: additional transaction costs that must be paid around the point of purchase. These costs represent an additional expense that must be budgeted for and paid when purchasing a home but the er in addition tn the cost of the home and separate from mortgage calculations. although the relevant cost and types of fees vary, for the purpose of the assignment, closing costs will be budgeted for as follows: - Home Inspection Fee = $35!] - appraisal Fee = $25!] - Legal Fees and Disbursements = $1500 - Renovationsilmprovements and Moving Costs = your discretionary choice