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Closing Costs Calculator

Estimate your closing costs

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

Loan amount

$60,000 - $2.5 million

Enter pre-tax income from all applicants for more options

Loan options adatext

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.

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:

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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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  • Interest rate popup About ARM rates
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  • APR popup
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    Estimated monthly payment

  • Principal & interest payment popup
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  • Escrow payment (taxes & insurance) popup
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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 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

Points & lender fees

Discount points may vary based on loan product and amount. To reduce your closing costs, you may decide to select an interest rate with fewer discount points. If you are interested in this please contact a lending specialist.

Estimated third-party fees

Total third-party fees may include seller-paid fees.

Title company and attorney fees are determined by the individual state and the company you use and may differ from this estimate. This represents the lender's policy only. In some states an owner's policy is also required or may be negotiated between buyer and seller.

Estimated prepaid interest, taxes & insurance

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. Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly. adatext

Property taxes are a fixed percentage based on the tax assessor’s appraised value of your home that you pay to the county in which the home is located. The specific percentage varies dramatically from county to county in every part of the country. You pay this tax annually, semiannually or as part of your monthly mortgage payments (escrow). The local county tax assessor’s office can give you the rate for your county.  Depending on when you close your loan, some of this property tax is typically due at the time of closing and calculated as a prepaid amount.

You will also need to provide the initial premium for your homeowners insurance policy. In some cases this may include flood, earthquake or other insurance coverage as well.

We’ll keep you informed about cash to cover prepaid expenses for your new loan and property.

Estimated escrow account funds

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.

Note: As taxes are due at various times, the deposit needed for taxes may vary from 2 to 8 months. If you are purchasing your home, the seller may be responsible for a portion of these taxes.

We’ll keep you informed about cash to cover prepaid expenses for your new loan and property.

Total estimated closing costs adatext
Amounts shown will differ from actual costs and may include seller-paid fees


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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