Enrichment · Life Skills · Homebuying

Closing day,
counted in advance.

The down payment is only part of the check. Add the lender’s charges, the service fees, prepaid interest and the escrow deposit, and see the cash to close before you sign.

Estimate my costsWhat you get

The home closing cost estimator

The worked example is a $350,000 home with 10 percent down, half a point and a $2,000 seller credit. Nothing you type leaves this browser.

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What you get

Enrichment · Life SkillsFree

What you finish with
The loan amount, closing costs grouped as on a Loan Estimate (origination, services, prepaids, initial escrow), their share of the price and the cash to close. It prints as a page to set beside each lender’s Loan Estimate.
Who it is for
Adults and families buying a home who want to know the cash they will need, people comparing quotes from two or three lenders, and students learning what buying a home costs.
Format
Browser calculator for a phone, tablet or computer, by touch or keyboard. Prints a summary; downloads a spreadsheet (.csv); export and import a file.
Access
Free. No account, no sign-in and nothing to install. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Life Skills space in Caveat Enrichment.
Support
Questions, a correction or a request: team@caveatacademic.com.

How to use it

  1. Type the price and down payment.
  2. Add the rate and any points.
  3. Enter yearly tax and insurance.
  4. List the service fees.
  5. Check the cash to close.

Estimate my costs

How the closing costs are grouped

The same sections as the federal Loan Estimate.

The worked example: a $350,000 home with 10 percent downLoan amount$315,00090% of $350,000Fees: A, B, C$5,825lender and servicesPrepaids and escrow$3,641F and GCash to close$42,466with $35,000 down, less creditsThe worked example: a $350,000 home with 10 percent downLoan amount$315,00090% of $350,000Fees: A, B, C$5,825lender and servicesPrepaids and escrow$3,641F and GCash to close$42,466with $35,000 down, less credits
Closing costs are fees (sections A to C) plus money set aside for your own interest, insurance and taxes (sections F and G). Add the down payment and take off credits for the cash to close.

Fees and prepaids

Section A is what the lender charges to make the loan, including discount points (one point is 1 percent of the loan). Sections B and C are services such as the appraisal, title insurance and the settlement agent. Section F prepays interest from closing to the end of the month and usually the first year of homeowners insurance.

The escrow deposit

If the lender pays your property tax and insurance from an escrow account, it collects a few months of each at closing (Section G), so the account has a cushion when the first bills arrive. As a check: a $315,000 loan at 6.5 percent for 15 days is $315,000 × 0.065 ÷ 365 × 15 = $841.44 of prepaid interest.

Sources

  1. Consumer Financial Protection Bureau. Loan Estimate explainer and closing cost sections A to J (consumerfinance.gov/owning-a-home).
  2. Consumer Financial Protection Bureau. What are discount points and lender credits? (consumerfinance.gov).
  3. Freddie Mac. Closing costs: what to expect (myhome.freddiemac.com).
  4. U.S. Department of Housing and Urban Development. Buying a home: settlement costs and escrow (hud.gov).

An estimate from the figures you type; your lender’s Loan Estimate and Closing Disclosure are the official numbers. Fees, transfer taxes and escrow rules vary by place and lender. Your entries stay in this browser. Support: team@caveatacademic.com.