Closing Costs Estimator
See an itemized breakdown of estimated closing costs for your mortgage.
Frequently Asked Questions
What are closing costs?
Closing costs are fees and charges paid at closing to complete a mortgage loan. They typically include lender fees, title insurance, appraisal, recording fees, and prepaid interest. Most closing costs range from 2-5% of the home price.
Can closing costs be rolled into the loan?
Yes, you can ask your lender to roll closing costs into the loan amount (called "no-cost" or "low-cost" refinancing). However, this increases your loan balance and total interest paid over time.
Who pays closing costs?
Typically the buyer pays closing costs, but this is negotiable. In a seller's market, buyers may negotiate for the seller to cover some or all closing costs. This varies by location and market conditions.
What's included in escrow reserves?
Escrow reserves (also called "impounds") are funds held to pay property taxes and homeowners insurance. Most lenders require 2-6 months of reserves at closing, depending on local requirements.
What's prepaid interest?
Prepaid interest is interest accrued from closing day through the end of the month. This is paid at closing and depends on when you close and your loan amount.