Estimate your closing costs
Use our closing cost calculator to estimate your total closing expenses for purchasing a home
Closing Costs Calculator
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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:
- Points layer & lender Origination fees layer
- Third-party fees such as appraisal, title, taxes and credit report fees
- Prepaid interest layer, taxes and Mortgage insurance layer
- Escrow account layer funds
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.
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.
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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:
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includes prepaid items and escrow account funds
You may qualify* for up to $7,500 in closing cost fees.
No repayment required.
You may qualify* for up to $7,500 in closing cost fees and up to $10,000 in down payment assistance. No repayment required.
If you’re thinking of becoming a homeowner, we may be able to help. Bank of America’s Community Homeownership
Commitment® may be able to help potential homebuyers with down payment grants and more.
Loan details
- Loan details
- Down payment
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- Estimated closing costs
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- Total cash required to close
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- Loan amount layer
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- Interest rate layer About ARM rates
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- APR layer
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- Estimated monthly payment
- Principal & interest payment layer
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- Escrow payment (taxes & insurance) layer
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- Mortgage insurance payment
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- Total estimated monthly payment
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The rates displayed here are as of:
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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
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{{/each}}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.
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