Closing Cost Calculator

How it is calculated

Two percentages are applied to the same home price, then added: down payment = price × down% / 100, closing costs = price × closing% / 100, cash needed = down payment + closing costs. Price is in dollars; both rates are percentages of the price, not of the loan. The down payment must be between 0 and 100 and the closing rate cannot be negative; the price must be above zero. The tool uses one flat closing-cost rate you supply, so it does not itemise lender, title or tax charges, and it ignores earnest money, seller credits and prepaid items that differ by state and lender. Treat the result as a budgeting estimate.

Common mistakes

• Calculating closing costs on the loan amount instead of the home price. Here the rate is applied to the full price, so use a rate that your estimate was based on the same way.
• Entering the down payment as a dollar figure. The field is a percentage, so $80,000 on a $400,000 home is 20.
• Forgetting that the cash needed excludes moving costs, repairs and reserves. It is only down payment plus closing costs.
• Using one rate for every purchase. Closing costs vary by lender, location and loan type, so replace the default with the rate from your lender's loan estimate.
• Assuming the closing costs are financed. This tool counts them as cash due at the table.