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Testing Close It!, An App that Calculates Home Buying Costs

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Curbed got a tip recently that the folks at local settlement company Federal Title has created a free app called Close It! with the intention of letting a homebuyer know exactly how much money they will need to purchase a house or a condo. We tested the app to see how much it would cost to buy the condo at Isherwood Street NE shown above. We were especially drawn to that condo due to the dog in listing photos.

After downloading the app (which is free), you'll be asked to enter in the purchase price for your condo/house and location of said condo/house.

In this case ask is $289,000 and the property is located in the District of Columbia.

It should be noted that this app is only going to help people close in places where Federal Title does business. So, if you're looking for a spot outside of Maryland, Virginia, D.C. or Florida (yes, Florida), that's not an option yet.

The ease of use on this app is pretty nice. The big important numbers (the cash to close and monthly payments) are significantly larger and anything in red, whether it's the interest rate or the type of property can be changed. We tried changing the type of loan we're receiving.

And we changed the interest rate.

Then we took a look at the nice official looking closing statement to see if we missed anything. Turns out, we had forgotten to change this property from Single Family Home to Condominium, so we did that.

There's a portion of the app for sellers as well. Overall, this seems rather helpful in terms of doing the quick math for any purchaser that gets frustrated by that part of the process. Recommend if You Like: Doing Taxes on a Program That Does the Math For You.
· Close It! for iPad Ready for Download [Official Site]
· 1606 Isherwood Street NE 20002 [Redfin]
· Close It! [iTunes]