Washington Buyer and Seller Guide for Title and Escrow

49 THE NEW CLOSING DISCLOSURE EXPLAINED Page 1. The first page of the Closing Disclosure is almost identical to Page 1 of the Loan Estimate. It describes the: • Loan terms • Loan amount • Interest rate • Monthly P&I, and • Any prepayment penalty or balloon payment This page also provides the projected payments over the life of the loan. This page also discloses to the borrower what amounts will be deposited into their impound or escrow account and provides the total estimated closing costs and cash to close. Page 2. The second page is similar to the current Page 2 of the HUD-1 Settlement Statement. It provides a breakdown of all the closing cost details and lists all loan costs and other costs paid by borrower, seller, and other parties.