Closing Costs Estimator
Detailed, state-specific closing cost breakdown for Conventional, FHA, and VA purchases.
Property & Loan
Lender Fees
FHA-Specific Fees
Financed into the loan amount
Included in monthly payment, not in closing costs
Third-Party Fees
Title & Settlement
Government / Recording
Prepaids
Other
Estimated Cash to Close
Lender Fees
Third-Party Fees
Title & Settlement
Government / Recording
Prepaids
Other
Grand Total
About the Closing Costs Estimator
This closing costs estimator provides an itemized, state-specific breakdown of every fee you can expect when purchasing a home. It covers lender fees like origination and discount points, third-party charges such as the appraisal and credit report, title and settlement costs, government recording and transfer taxes, and prepaid escrow items. Select your state to automatically populate typical fee ranges for your area, including attorney-state requirements and local transfer tax rates. The tool supports Conventional, FHA, and VA loan types, automatically calculating program-specific charges like the FHA upfront mortgage insurance premium or VA funding fee. Each field can be overridden with your actual quotes for a precise estimate. Use the estimated closing date input to calculate per-diem prepaid interest. This calculator helps borrowers and mortgage professionals create realistic cash-to-close projections before receiving the official Loan Estimate.
Frequently Asked Questions
What are closing costs?
Closing costs are the fees and expenses you pay when finalizing a home purchase, above and beyond the down payment. They include lender fees such as origination and underwriting charges, third-party fees like the appraisal and credit report, title and settlement charges, government recording fees and transfer taxes, and prepaid items like homeowner's insurance and property tax escrow. Closing costs are typically paid at the closing table, though some can be financed into the loan or covered by seller concessions. Your lender is required to provide a Loan Estimate within three business days of your application and a final Closing Disclosure at least three days before closing, both of which itemize all costs in detail.
How much are closing costs typically?
Closing costs typically range from 2% to 5% of the loan amount, though the exact figure depends on your state, loan type, and purchase price. On a $350,000 home with a conventional loan, you might expect closing costs between $7,000 and $17,500. States with higher transfer taxes or attorney requirements — such as New York, Florida, or Illinois — tend to have higher closing costs. FHA and VA loans may include additional program-specific fees: FHA charges a 1.75% upfront mortgage insurance premium, and VA loans include a funding fee ranging from 1.25% to 3.30%. Shopping around for title insurance and lender fees can often save borrowers several hundred to a few thousand dollars.
What's the difference between prepaids and closing costs?
Prepaids and closing costs are both due at closing, but they serve different purposes. Closing costs are one-time transactional fees for services like the appraisal, title search, recording, and lender underwriting — you pay these regardless of timing. Prepaids, on the other hand, are advance payments for recurring expenses such as homeowner's insurance premiums, property tax escrow deposits, and per-diem mortgage interest from your closing date through the end of that month. The number of months collected for tax and insurance escrow varies by lender and state, typically ranging from 2 to 6 months. Understanding this distinction helps borrowers accurately budget for total cash needed at closing and avoid surprises on the Closing Disclosure.
Important Disclosures: Studio 1003 is a technology platform, not a lender, broker, or financial advisor. This tool is provided for informational and educational purposes only and does not constitute a commitment to lend, pre-approval, or loan offer. FHA and VA rates shown are estimated based on current market data and may differ from actual lender rates. Property taxes, insurance, and closing cost estimates are approximations based on state and county averages and may vary. Final loan eligibility, terms, and costs are subject to underwriting approval and official disclosures. APR and closing cost figures will be finalized on your official Loan Estimate and Closing Disclosure. Always consult with a licensed mortgage professional before making financial decisions.