Closing Cost Calculator
Closing on a US home costs 2-5% of the loan amount on top of your down payment — appraisal, title insurance, origination fees, recording fees, prepaid taxes and insurance, escrow setup, and a long tail of smaller line items. Enter the purchase price, loan amount, location and a few key choices and the calculator returns a line-by-line estimate of closing costs, with typical ranges so you can spot inflated fees on your Loan Estimate.
How closing costs are estimated
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1
Enter purchase price and loan amount
Down payment = price − loan. Separate refinance mode skips purchase-specific items.
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2
Pick state and property type
Transfer taxes and title insurance rates vary dramatically by state; recording fees are county-specific.
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3
Choose loan type
Conventional, FHA, VA, USDA. Each has different upfront fees and mortgage insurance requirements.
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4
Read the itemised estimate
Lender fees, third-party fees, government fees, prepaid items and initial escrow. Total + cash-to-close.
Typical closing cost items
Lender fees:
- Origination (0.5-1.5% of loan)
- Underwriting ($400-900)
- Processing ($300-600)
- Credit report ($25-75)
- Rate lock fee (varies, sometimes $0)
- Discount points (optional — 1 point = 1% of loan to buy down rate)
Third-party fees:
- Appraisal ($400-800 for single-family; more for condos or luxury)
- Title insurance (0.5-1% of purchase price; lender’s policy required, owner’s optional but recommended)
- Title search ($150-400)
- Settlement / escrow fee ($500-2,000)
- Home inspection ($300-600, paid upfront)
- Pest inspection ($75-150)
- Survey ($300-800 if required)
Government and recording:
- Recording fees ($50-200)
- Transfer tax (0-2.5% of purchase price; varies widely — NY and NJ are expensive)
- Mortgage tax (NY specifically — ~2% of loan amount)
Prepaid and escrow:
- Prepaid interest (from closing to end of month)
- Homeowners insurance (1 year premium upfront)
- Property tax escrow (2-6 months reserve)
- HOA setup fees (where applicable)
- FHA/VA upfront funding fees (1.75% / 2.15% respectively)
- Mortgage insurance (if LTV > 80% on conventional, or FHA)
Example: $400,000 home, $320,000 loan, conventional, Illinois
| Category | Typical range |
|---|---|
| Origination | $3,200 |
| Appraisal | $500 |
| Title insurance (lender) | $1,800 |
| Title insurance (owner) | $2,200 |
| Settlement | $1,500 |
| Recording + transfer tax | $1,300 |
| Inspection | $500 |
| Prepaid interest | $900 |
| Homeowners insurance (1 yr) | $1,400 |
| Property tax escrow (4 mo) | $2,000 |
| Other | $500 |
| Total | ~$15,800 (~3.9%) |
Seller credits
Sellers often agree to cover some closing costs as a concession — common amounts are 1-3% of purchase price on conventional loans, up to 6% on FHA. The concession is rolled into the contract price. Useful when a buyer has the income for a mortgage but not enough cash for closing.
Shopping around
You must be allowed to shop for certain services (title, settlement, inspection). Lender-controlled items (origination, discount points) are what they are. Always compare Loan Estimates from at least three lenders — fees vary meaningfully between them.
What the calculator doesn’t estimate
- Moving costs
- New-home furnishings
- Utility setup deposits
- Warranty (seller-paid or buyer-paid)
- Post-closing remodelling
Frequently Asked Questions
On refinances, often yes — “no closing cost” refis build fees into the loan balance or rate. On purchases, lender fees can sometimes roll in but third-party fees usually can’t (e.g. appraisal, title), so plan on paying most out of pocket.
Lender fees and third-party fees where you’re allowed to shop, yes. Government and transfer fees, no. The Loan Estimate your lender gives you within 3 days of application is a binding-ish ceiling on most lender charges.
Steep transfer taxes and mortgage recording taxes — NY adds a ~1.8-2.05% mortgage tax on top of purchase transfer taxes. Budget 4-6% of loan amount in those states; 2-3% elsewhere is more typical.
FHA adds a 1.75% upfront mortgage insurance premium (financed into the loan), plus monthly MIP. Closing costs are otherwise similar. VA loans add a funding fee (2.15-3.3%) that’s waived for disabled veterans.
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