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/Service | Typical Cost |
|---|---|
| Inspection | $500+ |
| Loan Processing Fee | $150 |
| Appraisal | $500 |
Paid at Closing
| Fee/Service | Typical 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 Taxes | 1 – 5 months (if applicable) |
| Escrow Insurance | 1 – 5 months (if applicable) |
