📜 Closing Costs Calculator

Closing costs are fees paid at settlement to complete a real estate transaction. They are separate from the down payment. Total closing costs: 2-5% of purchase price (buyers) Seller costs: 6-10% of sale price (mostly commission) Example: $450,000 home Buyer closes: $9,000 - $22,500 in fees Seller closes: $27,000 - $45,000 (commissions + fees)

Origination fee: 0.5-1% of loan (processing charge) Discount points: Optional — 1pt = 1% loan, reduces rate Underwriting fee: $400-$900 (lender review) Application fee: $0-$500 (varies by lender) Rate lock fee: Sometimes charged for longer locks

Appraisal: $300-$700 (required by lender) Credit report: $25-$75 Home inspection: $300-$600 (highly recommended) Title search: $150-$400 (verify clear title) Title insurance (lender): $500-$1,500 (protects lender) Title insurance (owner): $500-$1,500 (protects buyer) Escrow/Settlement: $500-$1,000 (closing agent) Survey: $300-$700 (property boundaries) Recording fees: $50-$500 (county recorder) Attorney fee: $500-$1,500 (some states require)

Prepaid interest: Interest from closing to month end = Loan x Rate/365 x Days remaining in month Insurance prepaid: 12-14 months upfront (lender requirement) Property tax escrow: 2-6 months prepaid into escrow HOA prepaid: Some require 2-3 months upfront These are not lost money — they go into YOUR escrow account to pay future bills.

FHA Upfront MIP: 1.75% of loan amount (financed or paid) FHA Annual MIP: 0.55% of loan per year (in monthly payment) VA Funding Fee: 1.25% - 3.3% of loan (varies by usage) Waived for veterans with disability rating Can be financed into loan USDA Guarantee Fee: 1.0% upfront + 0.35% annual

Agent commission: 5-6% total (listing + buyer agent) Note: Post-NAR settlement (Aug 2024), commission structures are changing Transfer/excise tax: Varies by state (0% to 2%+) Title insurance: Sometimes seller pays owner policy Seller concessions: Credits to buyer for repairs/costs Attorney fee: $500-$1,500 (some states) Mortgage payoff: Existing loan balance + any prepayment Home warranty: $300-$600 (optional; peace of mind) Property taxes: Prorated to closing date