Closing Costs Calculator

What Are Closing Costs?

Closing costs are fees and expenses paid when finalizing a real estate transaction. For buyers, these typically range from 2-5% of the home price on top of the down payment.

Buyer vs Seller Costs

• Buyers pay: Loan fees, prepaid items, title insurance, inspections
• Sellers pay: Real estate commissions (5-6%), transfer taxes, title fees
• Negotiable: Who pays what can be negotiated in the contract

Ways to Reduce Closing Costs

• Shop around for title insurance and other services
• Negotiate seller concessions (seller pays part of closing costs)
• Ask about lender credits (higher rate, lower upfront costs)
• Close at the end of the month (less prepaid interest)
• Compare Loan Estimates from multiple lenders

Closing Costs by Loan Type

• Conventional: Standard costs, PMI if under 20% down
• FHA: Upfront mortgage insurance premium (1.75%)
• VA: VA funding fee (1.25-3.3%), no PMI

What to Expect at Closing

• Review and sign many documents
• Bring government-issued ID
• Wire funds or bring cashiers check
• Closing takes 1-2 hours typically
• Youll receive keys after recording (same day or next)