EstatePass
Free Mortgage Tool

Closing Cost Estimator

Get an itemized estimate of your mortgage closing costs. See fees by category including state-specific transfer taxes for Conventional, FHA, and VA loans.

Itemized Breakdown
State-Specific Taxes
Conv / FHA / VA

Estimate Your Closing Costs

Enter your loan details to see an itemized breakdown of estimated closing costs.

Estimated Total Closing Costs

$14,611

% of Home Price

3.7%

Lender Fees

$4,575

Origination Fee (1%)$3,200
Underwriting Fee$800
Processing Fee$500
Credit Report$75

Third-Party Fees

$3,325

Appraisal$550
Title Search$400
Title Insurance (0.5%)$2,000
Survey$350
Flood Certification$25

Government Fees

$690

Recording Fee$250
Transfer Tax (California)$440

Prepaid Items

$6,021

Prepaid Interest (15 days)$921
Escrow — Property Tax (3 mo)$1,200
Escrow — Insurance (14 mo)$2,100
Homeowner's Insurance (1st year)$1,800

Cash Needed at Closing

$80,000

Down Payment

$14,611

Closing Costs

$94,611

Total Cash Needed

Transfer Tax Rates by State

Transfer taxes are one of the most variable closing cost components. Here are rates for the top 10 states.

StateRate per $1,000Tax on $400,000Notes
California$1.10$440per $1,000
New York$4.00$1,600per $1,000
Texas$0.00$0no transfer tax
Florida$7.00$2,800per $1,000 (doc stamps)
Illinois$1.00$400per $1,000
Pennsylvania$10.00$4,000per $1,000 (1% split buyer/seller)
Ohio$1.00$400per $1,000
New Jersey$2.00$800per $1,000 (varies by price)
Washington$1.78$712per $1,000 (REET)
Connecticut$7.50$3,000per $1,000 (0.75%)

Understanding Mortgage Closing Costs

Closing costs are the fees and expenses paid at the settlement of a real estate transaction, beyond the purchase price. Understanding these costs is essential for homebuyers, mortgage professionals, and MLO exam candidates.

TRID & Closing Disclosures

Under TRID (TILA-RESPA Integrated Disclosure) rules, lenders must provide a Loan Estimate within 3 business days of a loan application and a Closing Disclosure at least 3 business days before closing. These documents itemize all closing costs in a standardized format. Understanding the Loan Estimate and Closing Disclosure is heavily tested on the NMLS exam — you must know which fees can change, which have zero tolerance, and when re-disclosure is required.

Negotiating Closing Costs

As a mortgage loan originator, you should help borrowers understand which fees are negotiable. Lender fees (origination, processing) may be negotiable or waived in exchange for a higher rate. Third-party fees like appraisal and title are generally fixed but borrowers can shop for title services. Seller concessions can cover a significant portion of closing costs — knowing the limits for each loan type (3-9% conventional, 6% FHA, 4% VA) is tested on the SAFE Act exam.

Closing Costs on the MLO Exam

The NMLS SAFE Act exam tests your knowledge of closing costs from multiple angles: TRID timing requirements, fee tolerance categories, RESPA Section 8 prohibitions on kickbacks, seller concession limits by loan type, and the differences between prepaids and closing costs. You should also understand how loan-specific fees like FHA's UFMIP (1.75%) and VA's funding fee affect the total cost of the loan. This calculator helps you practice estimating real-world closing costs across different scenarios.

Frequently Asked Questions

How much are closing costs on a mortgage?
Closing costs typically range from 2% to 5% of the loan amount, or 3% to 6% of the purchase price. On a $350,000 home, expect $10,500 to $21,000 in closing costs. The exact amount depends on your state, loan type, lender fees, and whether you negotiate seller concessions.
What is included in mortgage closing costs?
Closing costs include lender fees (origination, underwriting, processing), third-party fees (appraisal, credit report, title search, title insurance), government fees (recording, transfer tax), and prepaid items (homeowner insurance premium, property tax escrow, prepaid interest). Some fees are negotiable while others are fixed.
Do closing costs vary by state?
Yes, closing costs vary significantly by state, primarily due to differences in transfer taxes and title insurance requirements. States like New York and Connecticut have some of the highest closing costs due to high transfer taxes, while states like Texas have no transfer tax.
Are closing costs different for FHA and VA loans?
Yes. FHA loans include an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. VA loans include a VA funding fee ranging from 1.25% to 3.3% depending on down payment and prior use. However, VA loans prohibit certain fees that conventional loans allow.
Can the seller pay closing costs?
Yes, sellers can contribute to buyer closing costs (seller concessions). Conventional loans allow up to 3% with less than 10% down, 6% with 10-25% down, and 9% with 25%+ down. FHA allows up to 6% and VA allows up to 4% in seller concessions.
What is the origination fee on a mortgage?
The origination fee is charged by the lender for processing your loan application. It typically ranges from 0.5% to 1% of the loan amount. Under TRID regulations, this fee must be disclosed on the Loan Estimate within 3 business days of application.

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