Closing Cost Question (am I getting worked over?)

[Gabriel DeVita]

My first property is officially under contract. It's a small 2/1 here in the Upstate of South Carolina. The purchase price was $72k and I agreed to pay closing costs, which I assumed would be $3-4k... Boy was I wrong.... The estimate I just received was for $7,414!!! Here is the breakdown:

A. ORIGINATION CHARGES $1,391

0.48 % of Loan Amount (Points) $276

Doc Prep Fee $200

Processing Fees $495

Underwriting Fees $420

B. SERVICES YOU CANNOT SHOP FOR $731

Appraisal Fee $650

Credit Report $75

Flood Certification $6

C. SERVICES YOU CAN SHOP FOR $1,145

Title - Abstract or Title Search Fee $225

Title - Courier Fee $25

Title - Escrow Fee $450

Title - Lender's Title Insurance $245

Title - Title Commitment Fee $150

Title - Wire Fee $50

D. TOTAL LAON COSTS (A+B+C) $3,267

E. TAXES AND OTHER GOVERNMENT FEES $45

Recording Fees and Other Taxes $45

Transfer Taxes

F. PREPAIDS $1,108

Homeowner's Insurance Premium (12 months) $900

Mortgage Insurance Premium ( months)

Prepaid Interest ($9.47 per day for 22 days @6%) $208

Property Taxes ( months)

G. INITIAL ESCROW PAYMENT AT CLOSING $1,173

Homeowner's Insurance $75.00 per month for 10 mo. $750

Mortgage Insurance per month for mo.

Property Taxes $141.15 per month for 3 mo. $423

H. OTHER $1,965

Administration Fees $500

Home Inspection Fee (optional) $375

Pest Inspection Fee (Termite) $100

Real Estate Agent Commission $840

Title - Owner's Title Insurance (optional) $150

I. TOTAL OTHER COSTS (E+F+G+H) $4,291

J. TOTAL CLOSING COSTS $7,414

Calculating Cash to Close

Total Closing Costs (J) $7,414

Closing Costs Financed (Paid from your Loan Amount) $0

Down Payment/Funds from Borrower $14,400

Deposit -$500

Funds for Borrower $0

Seller Credits $0

Adjustments and Other Credits $0

Estimated Cash to Close $21,314

So that's an out of pocket cost of $21,314 to buy a $72k property??? Does this seem right to you seasoned investors???

Thank you in advance for all your help!!!