Closing Costs Calculator
Estimate transfer taxes and closing costs by state
Last updated: January 2025
About This Tool
The closing costs calculator helps homebuyers estimate the additional expenses beyond the purchase price when buying a home. Understanding these costs upfront helps you budget properly and avoid surprises at closing.
What is Closing Costs & Transfer Tax Calculator?
Closing costs are fees and expenses paid when finalizing a real estate transaction, beyond the property price and down payment. They include transfer taxes, title insurance, escrow fees, inspections, appraisal, and recording fees. These typically total 2-5% of the purchase price.
How It Works
Select your state and enter the property price. The calculator estimates transfer taxes (which vary by state), title insurance, escrow fees, recording fees, inspections, and appraisal costs. It provides a total estimate and percentage of purchase price.
Formula
Total Closing Costs = Transfer Tax + Title Insurance + Escrow + Recording + Inspection + Appraisal
Estimated Closing Costs
$9,125
1.82% of purchase price
Cost Breakdown
💡 Note
This is an estimate. Actual costs vary. Lender fees, points, and prepaids are not included.
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When to Use This Calculator
- 1When budgeting for a home purchase
- 2To compare buying costs in different states
- 3Before making an offer to ensure you have sufficient funds
- 4When negotiating with sellers for closing cost credits
- 5To plan for the total cash needed at closing
Pro Tips
- •Budget 2-5% of purchase price for closing costs
- •Some costs are negotiable - shop for title insurance and escrow
- •Seller credits can cover some or all closing costs
- •First-time buyer programs may offer closing cost assistance
- •Review the Loan Estimate from lenders to compare fees
Common Mistakes to Avoid
- •Not budgeting for closing costs when saving for a home
- •Assuming all closing costs are fixed and non-negotiable
- •Not shopping around for services like title insurance
- •Forgetting about prepaid items like property taxes and insurance
- •Underestimating costs in high transfer tax states