Closing Cost Calculator
Lender fees + title + prepaid + state transfer tax, itemized
Last updated: June 2026 · Typical buyer-side closing costs in 2026
Loan Details
20.0% down · Loan amount $360,000 (LTV 80.0%)
Drives state transfer tax + property tax + insurance defaults.
Itemized Closing Cost Breakdown
| Category | Item | Amount |
|---|---|---|
| Lender | ||
| Origination Fee (0.75%) | $2,700 | |
| Underwriting Fee | $500 | |
| Processing Fee | $300 | |
| Credit Report | $50 | |
| Appraisal | $500 | |
| Flood Certification | $25 | |
| Tax Service | $75 | |
| Title & Recording | ||
| Owner’s Title Insurance (0.55%) | $2,475 | |
| Lender’s Title Insurance | $300 | |
| Title Search | $200 | |
| Recording Fees | $175 | |
| Prepaid | ||
| 12 mo Homeowners Insurance | $1,500 | |
| 2 mo Property Tax Escrow | $1,050 | |
| 15 days Prepaid Interest | $999 | |
| Transfer & Recordation Tax | ||
| New York Transfer Tax (1.40%) | $6,300 | |
| Total Closing Costs | $17,149 | |
| Cash to Close (Down + Closing) | $107,149 | |
Understanding Closing Costs
Three Major Buckets
Closing costs split into lender fees (origination, underwriting, processing, credit, appraisal, flood cert, tax service), third-party fees (title insurance, title search, recording, survey), and prepaid items (12 months of homeowners insurance, 2 months of property tax escrow cushion, 15 days of prepaid interest). Loan-specific upfront fees (FHA UFMIP 1.75%, VA Funding Fee 2.15%, USDA Guarantee 1.00%) and state transfer taxes layer on top.
State Transfer Tax Variation
State transfer/recordation tax is the single biggest geographic swing in closing costs. NY (~1.4-2% combined state+city in NYC), PA (1.5% state + 1% Philadelphia), NJ (~1%), and DC (~1.45%) push closing costs up materially. TX, AK, MT, MS, MO, ID, IN, KS, LA, NM, ND, UT, WY have NO statewide transfer tax, saving thousands. Florida charges 0.7% statewide; California is hyperlocal, $1.10/$1,000 baseline plus city add-ons (SF charges up to $25/$1,000 on luxury sales).
Title Insurance Custom by State
Owner’s title insurance protects you against title defects (forged deeds, unknown heirs, missed liens). In NY, NJ, PA the buyer typically pays. In CA, TX, FL, and most western states the seller customarily pays the owner’s policy. In all cases the BUYER pays the lender’s title insurance (which protects only the lender, not you). Buyer-paid title insurance is one-time at closing and runs ~0.4-0.7% of price. Use the same title company for both policies to qualify for a simultaneous-issue discount of ~10-20%.
Government-Backed Loan Upfront Fees
FHA charges 1.75% Upfront MIP (financeable into loan) plus 0.50-0.55% annual MIP paid monthly for the life of the loan if you put less than 10% down. VA charges a one-time Funding Fee of 2.15% first use / 3.30% subsequent (waived for disabled veterans, financeable). USDA charges 1.00% upfront guarantee + 0.35% annual. These fees fund the government insurance that enables 0-3.5% down payments. Conventional loans skip these but require PMI if LTV exceeds 80% (cancellable at 80% LTV, automatic termination at 78%).
Reducing Cash to Close
Three main levers: (1) Seller concessions, ask seller to credit 2-3% of price toward closing costs in the purchase contract; conventional caps at 3% if LTV > 90%, 6% at LTV 75-90%, 9% below 75%. (2) Lender credits, accept a 0.125-0.25% higher rate in exchange for the lender paying $3-8k of closing costs. (3) Loan-type financing, FHA UFMIP, VA Funding Fee, and USDA Guarantee Fee can roll into the loan balance, no cash out of pocket. None of these are free, you pay them through a higher rate, a higher sale price, or a larger loan balance.
Frequently Asked Questions
What are typical closing costs as a percent of price?
2-5% for buyers. On a $450k home that’s $9k-$22.5k. The wide range reflects state transfer tax (NY/PA push it up, TX/AK/MT no transfer tax), loan type (FHA UFMIP, VA funding fee add to upfront cost), and title insurance custom (buyer vs seller pays varies by state).
Who pays closing costs, buyer or seller?
Buyer: lender fees, lender’s title insurance, appraisal, credit report, prepaids, recording fees. Seller: real estate commission (5-6% of price), owner’s title in most states (buyer pays in NY/NJ/PA), transfer tax in many states (negotiable). All allocations are negotiable in the purchase contract.
Can I roll closing costs into the loan?
On a refinance, yes, the costs roll into the new loan balance. On a purchase, FHA UFMIP, VA Funding Fee, and USDA Guarantee Fee can be financed. Lender credits (0.125-0.25% higher rate per ~$3-8k in credits) also reduce out-of-pocket. Seller concessions (2-3%) further reduce cash needed.
What is a "no-cost refinance"?
Lender covers closing costs in exchange for a 0.25-0.50% higher interest rate. Mathematically equivalent to paying upfront, the lender recoups via the rate premium over the life of the loan. Smart if you may refinance again within 3-5 years; pay-the-costs is smarter for 7+ year holds.
How do FHA/VA/USDA upfront fees work?
FHA UFMIP 1.75% + 0.50-0.55% annual MIP. VA Funding Fee 2.15% first use, waived for disabled veterans. USDA Guarantee Fee 1.00% upfront + 0.35% annual. All are financeable into the loan amount. They fund the government insurance/guarantee that enables 0-3.5% down payments.
When can I negotiate seller concessions?
In a buyer’s market or for homes listed 30+ days. Conventional caps seller credits at 3% if LTV > 90%, 6% at LTV 75-90%, 9% below 75%. FHA caps at 6%. VA caps at 4% on items besides prepaids. Excess credit cannot be pocketed as cash, only applied to actual closing costs.