Approximate Cost

Who Usually Pays

Mortgage points*

1 to 2 points, each point equaling 1 percent of the loan amount. One point on a $100,000 loan is $1,000. (No-point loans are available).

Buyer

Credit report*

$50 per person or married couple.

Buyer

Property appraisal*

Varies, from about $200 and up

Varies; usually buyer.

Flood certification* (Lender requirement).

Approximately $100

Buyer

Tax service* (Lender requirement).

Approximately $100.

Buyer

Mortgage document preparation and miscellaneous fees (such as an appraisal review).

Varies, from a few hundred dollars and up.

Buyer

Assumption fee* (If buyer is assuming existing loans).

Varies; often 1 percent of loan amount(s).

Buyer

Proration of interest (Lender collects interest to cover the period from closing to the first regular monthly payment date).

Depends on closing date: interest to cover from 1 to 30 days.

Buyer

Mortgage insurance (MI) premium (To cover the lender in case the buyer defaults. Usually required on first mortgages for more than 80% of the purchase price).

Varies. Some MI programs require a fully year’s MI premium paid at closing (from about .05 to 1% of the loan amount). Others only require 2 months’ MI premiums to be paid at closing.

Buyer

Impounds (Usually required when the loan amount is 90% or more of the purchase price).

2 months of hazard insurance, property taxes, and mortgage insurance. More may be required, depending on when the property taxes are due.

Buyer

Title search or abstract* (This fee may be included in the attorney’s fee).

Varies

Varies; buyer or seller.

Title insurance for buyer*

Varies with purchase price.

Varies; buyer, seller, or shared.

Title insurance for lender*

Varies with loan amount.

Usually the buyer.

Surveyor’s fee*

Varies; often not done.

Varies; buyer or seller.

Real estate brokerage commission*

Varies; often 5 to 7% of the sale price.

Seller, in a conventional sale. Some buyers’ agents’ fees may be paid by buyer.

Attorneys’ fees* (Not part of all home sale transactions).

Varies; usually from a few hundred dollars to 1% of sale price.

Buyer and seller usually pay their own attorney fees.

Hazard insurance

Varies. Most lenders require first-year premium to be paid at closing.

Buyer

Property taxes, rents

Varies

Buyer and seller usually pay their prorated share based on the closing date.

Assessments

Varies; may be none.

Varies; sometimes negotiable or prorated.

Prepayments penalty on existing mortgage(s)

Varies; often none.

Seller

Liens against the property

Varies; may be none.

Seller

Homeowner’s association dues

Varies; may be none.

Buyer and seller usually pay their prorated share based on the closing date.

Homeowner’s association transfer fee*

Varies (state law may limit the fee); may be none.

Often the seller, but negotiable.

Homeowner’s association transfer fee*

Varies (state law may limit the fee); may be none.

Often the seller, but negotiable.

Escrow or settlement preparation fee*

Varies; usually at least several hundred dollars.

Varies; buyer, seller, or shared.

Miscellaneous document preparation, notary recording fees*

Varies; about $100 to $250.

Buyers and sellers each usually pay for their own respective documents.

Transfer taxes*

Varies

Varies; sometimes shared.

Home inspection fees*

Varies; about $200 to $500 or more

Buyer

Home inspection repairs*

Varies; may be none.

Buyer, seller, or shared.

Termite repair work*

Varies; may be none.

Often seller, but negotiable.

Home warranty*

Varies; from about $250 and up. Available in most states.

Negotiable