Closing Costs Calculator
Closing costs can add several thousand dollars to the price of buying a home; it's essential to estimate closing costs for any home purchase you're considering. When you use the closing costs calculator, start by entering the purchase price of the home you're buying, your deposit amount, your anticipated mortgage amount, and your down payment amount. Next, you'll estimate recurring costs such as payments for taxes and hazard insurance, and mortgage insurance premiums.
The next section of the calculator addresses non-recurring costs or one time charges, including discount points, title charges, appraisal fees, and recording fees. When computing these amounts, the calculator indicates how much you'll need to make your down payment and pay closing costs. If closing costs are too much, it may be possible to negotiate payment of some closing costs by the seller, or to arrange lender payment of closing costs in exchange for a higher interest rate.