Closing Costs Chart

An asterisk (*) marks non-recurring closing costs, which are paid by the buyer only once, at closing.

 

Closing Costs

Approximate Cost

Who Usually Pays

Mortgage points* 1 to 2 points, each point equaling 1 percent of the loan amount. One point on a $100,000 loan is $1,000. (No-point loans are available). Buyer
Credit report* $50 per person or married couple. Buyer
Property appraisal* Varies, from about $200 and up Varies; usually buyer.
Flood certification* (Lender requirement). Approximately $100 Buyer
Tax service* (Lender requirement). Approximately $100. Buyer
Mortgage document preparation and miscellaneous fees (such as an appraisal review). Varies, from a few hundred dollars and up. Buyer
Assumption fee* (If buyer is assuming existing loans). Varies; often 1 percent of loan amount(s). Buyer
Proration of interest (Lender collects interest to cover the period from closing to the first regular monthly payment date). Depends on closing date: interest to cover from 1 to 30 days. Buyer
Mortgage insurance (MI) premium (To cover the lender in case the buyer defaults. Usually required on first mortgages for more than 80% of the purchase price). Varies. Some MI programs require a fully year´s MI premium paid at closing (from about .05 to 1% of the loan amount). Others only require 2 months´ MI premiums to be paid at closing. Buyer
Impounds (Usually required when the loan amount is 90% or more of the purchase price). 2 months of hazard insurance, property taxes, and mortgage insurance. More may be required, depending on when the property taxes are due. Buyer
Title search or abstract* (This fee may be included in the attorney´s fee). Varies Varies; buyer or seller.
Title insurance for buyer* Varies with purchase price. Varies; buyer, seller, or shared.
Title insurance for lender* Varies with loan amount. Usually the buyer.
Surveyor´s fee* Varies; often not done. Varies; buyer or seller.
Real estate brokerage commission* Varies; often 5 to 7% of the sale price. Seller, in a conventional sale. Some buyers´ agents´ fees may be paid by buyer.
Attorneys´ fees* (Not part of all home sale transactions). Varies; usually from a few hundred dollars to 1% of sale price. Buyer and seller usually pay their own attorney fees.
Hazard insurance Varies. Most lenders require first-year premium to be paid at closing. Buyer
Property taxes, rents Varies Buyer and seller usually pay their prorated share based on the closing date.
Assessments Varies; may be none. Varies; sometimes negotiable or prorated.
Prepayments penalty on existing mortgage(s) Varies; often none. Seller
Liens against the property Varies; may be none. Seller
Homeowner´s association dues Varies; may be none. Buyer and seller usually pay their prorated share based on the closing date.
Homeowner´s association transfer fee* Varies (state law may limit the fee); may be none. Often the seller, but negotiable.
Homeowner´s association transfer fee* Varies (state law may limit the fee); may be none. Often the seller, but negotiable.
Escrow or settlement preparation fee* Varies; usually at least several hundred dollars. Varies; buyer, seller, or shared.
Miscellaneous document preparation, notary recording fees* Varies; about $100 to $250. Buyers and sellers each usually pay for their own respective documents.
Transfer taxes* Varies Varies; sometimes shared.
Home inspection fees* Varies; about $200 to $500 or more Buyer
Home inspection repairs* Varies; may be none. Buyer, seller, or shared.
Termite repair work* Varies; may be none. Often seller, but negotiable.
Home warranty* Varies; from about $250 and up. Available in most states. Negotiable