Closing Costs

In addition to your down payment, you’ll have closing costs associated with your purchase. Some are paid during the application & inspection period, and some are paid at closing.

We generally advise to budget 2-3% of your purchase price for closing costs. Here’s a general breakdown of what to expect – but know that things can shift! Your lender will be able to provide you with the most accurate information.

Paid During the Application & Inspection Period

Fee/ServiceTypical Cost
Loan Processing Fee$150

Paid at Closing

Fee/ServiceTypical Cost
Loan Origination$1,500
Tax Service Fee$75
Condominium Document Fee$0 – $500
Attorney Fee$600 – $1,000
Title Fees$3,500 – $4,000
Recording Fee$200
Transfer Tax Stamps
(This varies by city – this is for Chicago)
$7.50 per $1,000 in purchase price
Daily Interest(Loan Amount x Rate)/365
Escrow Taxes1 – 5 months (if applicable)
Escrow Insurance1 – 5 months (if applicable)