Skip to main content

Closing Costs Calculator

Estimate your closing costs

Use our closing cost calculator to estimate your total closing expenses for purchasing a home

 

failure

Loan amount

$

$60,000 - $2.5 million

 

Loan options

 

 

When working with the calculator, please remember the dollar amounts displayed aren’t guaranteed, and what you actually pay may be different. The estimates you receive are for illustrative and educational purposes only.

Get more information on closing costs
What are closing costs?

Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan. Closing costs are typically about 3-5% of your loan amount and are usually paid at closing.

What is included in closing costs?

While each loan situation is different, most closing costs typically fall into four categories:

  1. Points layer & lender Origination fees layer
  2. Third-party fees such as appraisal, title, taxes and credit report fees
  3. Prepaid interest layer, taxes and Mortgage insurance layer
  4. Escrow account layer funds

Does the buyer or the seller of a home pay closing costs?

Typically the buyer pays closing costs, though sometimes negotiations between the buyer and the seller can lead to the seller paying some of the closing costs.

See all mortgage FAQs

Points

Money paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the loan amount. For example, 2 points on a $100,000 mortgage equals $2,000. Sometimes referred to as discount points or mortgage points.

Mortgage insurance

For conventional loans, insurance that protects the lender if you default on your loan. If your down payment is less than 20%, most lenders will require you to pay mortgage insurance. Also called private mortgage insurance (PMI).

Escrow account

An escrow account may be required to cover the future payments for items like homeowners insurance and property taxes. They do not represent fees; instead, they establish the funds needed to properly service your loan. The property taxes and homeowners insurance premium will be the same regardless of the lender you choose.

Origination fee

A fee charged by a lender to cover certain processing expenses in connection with making a mortgage loan. Usually a percentage of the amount loaned (often 1%). The origination fee is stated in the form of points.

Prepaid interest

Prepaid interest represents funds for the initial payment of interest on your loan. Prepaid interest varies depending on which day of the month you close. It covers the interest that accrues on your loan from your closing date until the last day of the month.


Our calculator is unable to display your results

To recalculate and see results try lowering your purchase price, increasing your down payment, or entering a different ZIP code. (Note: We offer a wide range of loan options beyond the scope of the calculator, which is designed to provide results for the most popular loan types.)

Our experienced lending specialists are ready to help you with your financing needs:

Your estimated closing costs, including prepaid items and escrow account funds, for a {{mortgageProducts.[0].mappedProductName}} {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.TOTAL_FEES.TOTAL_ESTIMATED_CLOSING_COSTS.value}}{{/each}}

Detailed information about this loan
    Loan details

  • Down payment
  • {{currencyRoundedInt rateInputs.downPayment}}
  • Estimated closing costs
  • {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.TOTAL_FEES.TOTAL_ESTIMATED_CLOSING_COSTS.value}}{{/each}}
  • Total cash required to close
  • {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.TOTAL_CASH_REQUIRED_TO_CLOSE.CASH_REQUIRED_TO_CLOSE.value}}{{/each}}
  • Loan amount layer
  • {{currencyRoundedInt rateInputs.amountBorrowed}}
  • Interest rate layer About ARM rates
  • {{#each mortgageProducts}}{{percentage this.rateDetails.rate}}{{/each}}
  • APR layer
  • {{#each mortgageProducts}}{{percentage this.rateDetails.apr}}{{/each}}
    Estimated monthly payment

  • Principal & interest payment layer
  • {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.PAYMENT_DETAILS.MONTHLY_PAYMENT_INTEREST.value}}{{/each}}
  • Escrow payment (taxes & insurance) layer
  • {{#each mortgageProducts}}{{currencyRoundedInt this.rateDetails.escrowMonEstTaxesAndIns}}{{/each}}
  • Mortgage insurance payment
  • {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.PAYMENT_DETAILS.MONTHLY_MORTGAGE_INSURANCE.value}}{{/each}}
  • Total estimated monthly payment
  • {{#each mortgageProducts}}{{currencyRoundedInt this.detailedConditionResultMap.PAYMENT_DETAILS.MONTHLY_PITI.value}}{{/each}}

The rates displayed here are as of:
{{#each mortgageProducts}}{{getCustomFormattedDate this.rateDetails.rateFetchTimeStamp true false}}{{/each}}

Loan assumptions and disclosures

Loan amount

The amount of debt, not including interest, being assumed by taking out a mortgage.

Interest rate

The cost of a loan to the borrower, expressed as a percentage of the loan amount and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Principal and interest payment

The principal is the amount of money being borrowed, also called the loan amount. The interest is the cost of borrowing the principal. Principal and interest account for the majority of your mortgage payment, which may also include escrow payments for property taxes, homeowners insurance, mortgage insurance and other costs.

Escrow payment (taxes & insurance)

Money collected from the borrower by the lender (typically as part of the monthly mortgage payment) in order to pay property taxes and homeowners insurance premiums.

Annual percentage rate (APR)

The cost of a loan to the borrower, expressed as a percentage of the loan amount and paid over a specific period of time. Unlike an interest rate, the APR factors in charges or fees (such as mortgage insurance, most closing costs, discount points and loan origination fees) to reflect the total cost of the loan.

The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use it as a good basis for comparing loan costs.

Looking for ways to lower your closing costs? Need a down payment lower than 5%? Connect with a lending specialist, or learn more about programs offered by Bank of America.

Closing cost details

{{#each accordion-sections}} {{/each}}
{{#each accordion-sections}}
{{{this.header}}}
{{currencyRoundedInt total.value}}
{{#if paragraphs-above}}
{{#each paragraphs-above}}

{{{this}}}

{{/each}}
{{/if}}
{{#each rows}}
{{{description}}}
{{currencyRoundedInt value}}
{{/each}}
{{{total.description}}}
{{currencyRoundedInt total.value}}
{{#if paragraphs-below}}
{{#each paragraphs-below}}

{{{this}}}

{{/each}}
{{/if}}
{{/each}}
Total estimated closing costs
{{currencyRoundedInt totalEstimatedClosingCost}}
Amounts shown will differ from actual costs and may include seller-paid fees

Points

Money paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the loan amount. For example, 2 points on a $100,000 mortgage equals $2,000. Sometimes referred to as discount points or mortgage points.

Estimated prepaid interest, taxes & insurance

An amount of money equal to (1) the interest that accrues on your loan from your closing date until the last day of the month, plus (2) any real estate taxes due at time of or after settlement date, plus (3) the initial premium of your homeowners insurance policy.

ZIP code finder

ZIP code finder

Please enter your city and state to find your ZIP Code

Talk to
Talk to your lending specialist
your lending specialist:
from your lending specialist:

Connect with a lending specialist:

NMLS ID:
Change lending specialist
Find another loan officer to help you with a mortgage refinance.

Connect with a lending specialist

Mon-Fri 8 a.m.–10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET

Get a call back layer