The key point
An estimate starts the conversation.
The calculator helps you plan. Your contract, financing, property details and final settlement figures determine the amount for the actual transaction.
Which number are you looking for?
- Closing costs
- Charges associated with completing the transaction. The applicable services and financing determine which charges appear.
- Cash to close
- For a buyer, the amount needed at closing after accounting for items such as the down payment, costs, deposits and credits.
- Seller proceeds
- The amount remaining for a seller after applicable payoffs, charges and adjustments. The sale price alone does not tell you this figure.
Read the estimate in groups.
Financing and lender charges
For a financed transaction, review the loan-related items with your lender. A cash purchase has a different set of costs.
Title and settlement
Identify the title coverage and closing services included, and ask what each line represents.
Recording, taxes and adjustments
Ask which charges and prorations apply to this property and which party pays them under the contract.
Prepaids and escrow deposits
Keep advance payments and funds collected for future expenses separate from the fees for performing a service.
Compare like with like.
Use the same purchase price, loan amount, county and expected closing date when comparing estimates. Ask whether each quote includes the same services, policy coverage and assumptions.
The allocation of charges is a question for your contract and closing team. A county custom or an online example does not establish who pays on your particular transaction.
Leave time for the final review.
When a Closing Disclosure is required, your lender must ensure you receive it at least three business days before closing. Use that time to compare the loan terms and costs with your Loan Estimate and raise questions. Cash purchases and other transactions may use different documents.
Confirm the exact amount and the approved payment method directly with your closing team. An online estimate is not a payment instruction.
Source: CFPB: receiving your Closing Disclosure
Open the closing cost calculatorGeneral educational information. Your transaction documents and the guidance of your closing team, lender and advisers determine what applies to your file.