Closing Costs Calculator
Calculate real estate buyer and seller closing costs, loan origination fees, title insurance, appraisal fees, prepaid property taxes, and escrow reserves.
Includes $90,000 down payment + $11,100 closing fees.
Transaction Details
Itemized Closing Cost Statement
Estimating Mortgage Closing Costs and Settlement Fees
When purchasing or refinancing real estate, closing costs typically total 2% to 5% of the total loan balance for buyers, while sellers pay 6% to 10% including Realtor commissions and transfer taxes. Overlooking lender origination charges, lender's title insurance, recording fees, and prepaid property tax escrows can cause severe cash-to-close shortfalls at the closing table.
Comprehensive Features
Buyer vs. Seller Settlement Breakdown
Toggle between buyer out-of-pocket cash-to-close requirements and seller net proceeds sheets.
Lender Origination & Underwriting Fees
Itemizes loan application charges, underwriting points, appraisal fees, and credit reporting.
Title & Settlement Services
Estimates Lender's and Owner's Title Insurance policies, closing settlement fees, and title search.
Prepaid Items & Escrow Reserves
Calculates 2 to 6 months of prepaid homeowners insurance and property taxes for the escrow cushion.
State & County Transfer Taxes
Configurable transfer tax stamps and recording fees for deeds and mortgage deeds of trust.
Seller Concession Credits
Fact-checks seller credit limits allowed under Fannie Mae, Freddie Mac, and FHA guidelines.
Practical Real-World Scenarios
- ✓First-Time Homebuyers
Determine total cash-to-close required in addition to the down payment before submitting offers.
- ✓Mortgage Refinance Shoppers
Evaluate break-even timelines comparing closing costs against monthly interest payment reductions.
- ✓Home Sellers Estimating Net Proceeds
Calculate net cash received after deducting mortgage payoffs, commissions, and transfer taxes.
- ✓Real Estate Agents & Loan Officers
Provide fast, transparent Good Faith Estimate (GFE) / Loan Estimate previews to clients.
Frequently Asked Questions
What is the average closing cost on a home purchase?
For buyers, closing costs typically range between 2% and 5% of the loan amount. For example, on a $400,000 mortgage, closing costs usually total between $8,000 and $20,000, excluding the down payment.
What is the difference between closing costs and prepaids?
Closing costs are one-time administrative fees paid to third parties (lenders, appraisers, title companies, and county recorders) to complete the transaction. Prepaids are recurring expenses paid in advance at closing to fund your escrow account, such as prepaid homeowners insurance and property taxes.
Can the seller pay my closing costs?
Yes, through seller concessions. Conventional loans generally allow seller concessions between 3% and 9% of the purchase price depending on your down payment. FHA loans permit up to 6%, and VA loans permit up to 4% plus reasonable loan fees.
Is title insurance mandatory at closing?
Lender's Title Insurance is required by mortgage lenders to protect their lien priority against prior encumbrances or fraudulent claims. Owner's Title Insurance is optional but highly recommended to protect your home equity.
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