Closing Cost Calculator
Free closing cost calculator: estimate lender fees, title insurance, appraisal, recording, transfer tax and prepaids, and the cash you need to close on a home.
What it does
Closing costs are the fees and prepaid items you pay when you finish buying a home, on top of the down payment. They usually add up to about 2% to 5% of the loan: lender fees, the appraisal, title insurance, settlement and recording fees, transfer taxes in some states, and prepaid property taxes, insurance and interest. This calculator starts from typical values that you can change to match the Loan Estimate your lender sends you.
How to use it
- Type the home price and the loan amount.
- Adjust each cost: percentages of the loan or price, or dollar amounts.
- See the total, its share of the price and the cash you need at closing.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Who pays the closing costs?
The buyer pays most of them, but the seller can agree to pay part as a concession, within limits set by each loan type. Sellers usually pay the real estate agents' commissions, which are not in this calculator.
What is the Loan Estimate?
A standard three-page form the lender must give you within 3 business days of your application, with the rate, the payment and all the estimated closing costs. Comparing Loan Estimates from several lenders is the best way to lower these costs.
Which closing costs can I shop for?
The Loan Estimate lists the services you can shop for, such as title insurance, the settlement agent and the survey. Lender fees such as origination or points can be negotiated or traded for a different rate.
What is a no-closing-cost mortgage?
The lender pays the costs or adds them to the loan in exchange for a higher interest rate. It saves cash now but usually costs more over the years, unless you sell or refinance soon.
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