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Estimate your mortgage closing costs including lender fees, title insurance, escrow, and prepaid items. Know what to expect before you close on your home.
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Closing costs are fees paid when finalizing your mortgage. They include lender fees (origination, underwriting), third-party fees (appraisal, title insurance, attorney), and prepaid items (property taxes, homeowners insurance). They typically range from 2-5% of the loan amount.
Buyers typically pay most closing costs, but sellers can contribute (seller concessions). In some markets, it is common for sellers to cover 2-3% of closing costs. You can also negotiate this as part of your purchase offer.
Some loan programs allow you to finance closing costs into the loan (no-closing-cost mortgage). This increases your loan amount and monthly payment but requires less cash upfront. It is also common with refinances.
Mortgage interest (including prepaid interest/points), property taxes, and some loan origination fees may be tax deductible. Consult a tax professional for guidance on your specific situation.
You can reduce closing costs by: shopping for title insurance and other services, negotiating lender fees, asking for seller concessions, comparing loan estimates from multiple lenders, or choosing a no-closing-cost loan option.