Closing Cost Calculator - Softotech

Closing Cost Calculator

Estimate what you will pay at closing on a home purchase. On a $400,000 home with 20% down, expect roughly $11,383.33 in closing costs, or 2.85% of the price.

What closing costs include

Closing costs are the fees you pay on top of the down payment when you buy a home. Buyers usually pay 2 to 5% of the purchase price. They include lender fees, appraisal, inspection, title insurance, recording fees, prepaid homeowners insurance and an initial escrow deposit for taxes and insurance.

For a $400,000 home with 20% down this calculator estimates $11,383.33, which is 2.85% of the price. Together with the down payment of $80,000.00, you need about $91,383.33 in cash.

Ways to lower closing costs

  • Shop at least three lenders and compare the Loan Estimate fee sheets.
  • Ask the seller for a closing cost credit during negotiation.
  • Choose a closing date near the end of the month to cut prepaid interest.
  • Look for first-time buyer and lender credit programs.

This is an estimate. Your Loan Estimate and Closing Disclosure show the real numbers. Planning your down payment too? Try the down payment calculator.

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    Frequently asked questions

    How much are closing costs on a house?

    Usually 2 to 5% of the purchase price, so $8,000 to $20,000 on a $400,000 home.

    Who pays closing costs, buyer or seller?

    Buyers pay most of them, but sellers often pay agent commissions and can agree to credits.

    Can I roll closing costs into my loan?

    Some loans allow it, and some programs offer lender credits in exchange for a higher rate, but you pay for it through interest.

    Are closing costs tax deductible?

    Mostly no, but points and some prepaid interest and property tax may be deductible. Ask a tax professional.

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