Property Details
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Affects loan amount and PMI
Total Closing Costs
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Lender Fees
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origination, underwriting
Third-Party Fees
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title, escrow, appraisal
Prepaids & Escrow
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insurance, taxes, interest
Itemized Closing Costs
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What Are Closing Costs?
Closing costs are fees paid at the settlement of a real estate transaction. Buyers typically pay 2–5% of the loan amount in closing costs. Sellers typically pay 6–10% of the sale price (mostly real estate agent commissions at 5–6%).
💡 Negotiation tip: Buyers can ask sellers to pay some or all buyer closing costs ("seller concessions") — especially in a buyer's market. FHA allows up to 6%, conventional allows up to 3–9% depending on down payment. This reduces cash needed to close but may increase your offer price.
Buyer Closing Cost Averages by State (2025)
| State | Avg Closing Costs | % of Median Home Price |
|---|---|---|
| New York | $16,800 | 3.9% |
| California | $9,300 | 1.4% |
| Texas | $8,200 | 2.7% |
| Florida | $7,800 | 2.1% |
| National Average | $6,905 | 2.0% |
| Missouri | $4,200 | 1.6% |
Frequently Asked Questions
Can closing costs be rolled into the loan?
Some closing costs can be financed, but most lenders don't allow rolling all closing costs into a purchase loan (they can be rolled into refinance loans more easily). Instead, you can ask the seller to pay your closing costs as a concession, choose a "no-closing-cost" mortgage (higher rate in exchange), or look for down payment assistance programs that also cover closing costs. VA loans allow the seller to pay all closing costs.
What is earnest money and does it go toward closing costs?
Earnest money is a deposit (typically 1–3% of purchase price) made when you submit an offer to show you're serious. It's held in escrow and applied toward your down payment or closing costs at settlement — it's not an extra cost. If the deal falls through due to a contingency (inspection, financing, appraisal), you typically get it back. If you back out without a valid contingency, you may lose it.
What fees can I negotiate or shop for?
You can shop for and potentially negotiate: title insurance (rates vary 20–40% between companies), settlement/escrow fees, home inspection fees, home warranty, and attorney fees if required. You cannot negotiate lender fees like origination charges or discount points (these are lender-set), and you can't negotiate government recording fees or transfer taxes. Ask your lender for a Loan Estimate — it clearly shows which fees are fixed vs negotiable.
How much cash do I actually need to close?
Total cash to close = Down payment + Closing costs − Seller concessions − Lender credits. On a $350,000 home with 10% down ($35,000), you'd need approximately $35,000 + $7,000–$10,000 in closing costs = $42,000–$45,000 total. Your lender will provide a final Closing Disclosure 3 business days before closing showing the exact amount. Bring a cashier's check or wire funds — personal checks are generally not accepted.
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