Estimating Your Closing Costs

-FOR SELLERS-

Legal Fee
  • Generally $750-$1,000, depending on the transaction

$      

Real Estate Commission
  • Depends on the terms of the listing agreement
$      
Realty Transfer Tax
Rate fixed to sale price of house Consult your attorney for possible exemptions
  • NJ: $4.00 per 1,000 up to $150,000
  • $6.70 per 1,000, $150,000 to $200,000
  • $7.80 per 1,000, 200,000 thereafter
  • NEW CONSTR same as above. 
  • SR CITIZEN: $1.00 per $1,000
    up to $150,000
    $2.50 per 1,000 thereafter
$      
Mortgage Cancellation Fee
  • Usually required if mortgage is prepaid before original term is reached. May be charges by lender and/or local government.
$      
Other Liens
  • Must be removed form property before sale: includes local government filing fees
$      
Tax Adjustment
  • Usually a credit (sometimes a charge) to seller, to adjust for taxes paid short-of or beyond the closing
$      
Water/Sewer Adjustments
  • Same as other tax adjustments
$      
VA Loans
  • Seller is responsible for points, repairs, certifications as included in sale contract: and for fees required by lender
$      
Insect Damage Repairs
  • As may be required following inspection
$      
Engineering Repairs
  • As may be required following inspection
$      
Association Fees
  • As may be required by Condo/Co-op Association
$      


Estimated Total

$      

 

-FOR BUYERS-

Legal Fee
  • Generally $750-$1,000, depending on the transaction

$      

Title Search
  • Approx. $200-$300
$       
Title Insurance
  • Varies usually $1,200-$1,500 for homes fr $250,000 - $300,000
$       
Recording Fees
  • Required by local County clerk about $40-$60 (per instrument to be recorded)
$       
Survey
  • of property, if required, averages $300-$450
$       
Homeowners Insurance & (if applicable) Flood Insurance
  • Typical one family house $300-500 per year
$       
Private Mortgage Insurance
  • Usually required if mortgage is more than 80% of purchase price. Average premium is 2 1/2% of the mortgage. 1% payable at closing
$       
Lender's Attorney Review Fee
  • $100 - $500 average where applicable
$       
Prepaid Interest
  • Paid to lender; covers interest on mortgage beginning from day of closing to end of first month
$       
Escrow Fees
Paid to lender, covering approximately...
  • 3 months real estate taxes
  • 3 months fire/flood insurance
  • 3 months PMI premium where applicable
$       
Points
Paid to lender, usually 1-3 (1 "point" = 1% of mortgage).
$       
Application Fee set by lender, $250-500 $       
Credit Report Fee $200-300 $       
.
Terminate/ Building Inspection
$       

Fuel Adjustment
for any fuel left behind by seller
$       

Association Fees
  • As may be required by Condo/Co-op Association
$       


Estimated Total

$       

 

* This worksheet can be used to prepare an estimate of the costs entailed in the closing of a home. It is suggested that you consult your attorney for any closer estimates of the costs of your particular situation. A short time before closing, your attorney should be able to provide you with more precise figures for your closing costs.