Closing Costs Calculator
Get a detailed breakdown of all closing costs including lender fees, title charges, prepaid expenses, and government taxes. Know exactly what you'll pay at closing.
Purchase Details
Home price minus down payment
Affects transfer tax rates
Different loans have different fees
Affects some fees and rates
Enter Purchase Details
Fill out the form to calculate your closing costs
Understanding Closing Costs
Closing costs are the fees and expenses you pay when finalizing a home purchase, typically ranging from 2-5% of the home's purchase price. These costs cover everything from loan processing to title insurance to prepaid property taxes.
Many first-time buyers are surprised by closing costs because they're separate from your down payment. It's crucial to budget for both to avoid last-minute financial stress.
Can You Negotiate?
Yes! Some closing costs are negotiable, especially lender fees. Shop around for title insurance and ask the seller to contribute toward closing costs in your offer.
When Do You Pay?
You pay closing costs at the closing table (or wire transfer before). You'll receive a Closing Disclosure 3 days before closing that itemizes every fee.
Rolling Into Loan?
Sometimes you can roll closing costs into your mortgage, but this increases your loan amount and monthly payment. Usually better to pay upfront if you can.
Seller Concessions
Ask the seller to pay some closing costs in your offer. This is common in buyer's markets and can save you thousands, though it may require offering closer to asking price.
How to Reduce Closing Costs
1. Shop Around for Services
You're not required to use the lender's recommended title company, home inspector, or insurance agent. Get quotes from multiple providers and choose the best value. This alone can save you $500-1,500.
2. Compare Loan Estimates
Get Loan Estimates from at least 3 lenders. Pay close attention to origination fees, points, and other lender charges. These can vary significantly between lenders.
3. Close at Month's End
Closing near the end of the month reduces your prepaid interest charges. If you close on the 1st, you'll prepay almost a full month of interest; closing on the 28th saves you most of that.
4. Negotiate with Seller
Ask for seller concessions (seller pays some closing costs). Typical concessions are 2-3% of purchase price. More common in buyer's markets or with motivated sellers.
5. Ask About Lender Credits
Some lenders offer credits toward closing costs in exchange for a slightly higher interest rate. This can be worth it if you plan to refinance within a few years or need to minimize upfront cash.