Estimate your closing costs for a home purchase in Pennsylvania.
Total Estimated Closing Costs: $0.00
(Does not include pre-paid items like taxes and insurance premiums)
Understanding Pennsylvania Closing Costs
Closing costs are fees associated with finalizing the purchase of a home. In Pennsylvania, these costs can vary but typically include a range of charges from various parties involved in the transaction. This calculator provides an estimate based on common expenses.
How the Estimate is Calculated:
This calculator estimates several key closing cost components. While exact figures can vary based on your lender, title company, and specific location within Pennsylvania, it uses the following as a basis:
Loan Origination Fees: Often a percentage of the loan amount, though some lenders charge flat fees. This calculator uses a simplified estimate based on a fixed percentage of the loan amount (e.g., 1%).
Appraisal Fee: Covers the cost of an independent appraisal of the property's value.
Title Insurance: Protects the lender and the buyer against future claims on the property's title. Costs are typically based on the sale price.
Attorney Fees: Pennsylvania requires a real estate attorney to be involved in the closing process for both buyers and sellers. Fees vary by attorney.
Recording Fees: Charged by the county to record the new deed and mortgage.
Other Fees: This can include costs like surveys, pest inspections, flood certifications, courier fees, etc.
Prepaid Items: While not direct closing costs, buyers often need to pay several months of property taxes and homeowner's insurance upfront, and sometimes fund an escrow account for future payments. This calculator focuses on the direct fees and does NOT include these pre-paid items.
Pennsylvania-Specific Considerations:
Realty Transfer Tax (RTT): This is a significant cost in Pennsylvania, paid by the buyer (usually) to the state and municipality. While this calculator does NOT automatically include RTT due to its variability (state rate is 1%, local rates vary), you should factor it in. For example, a $300,000 purchase price would incur at least $3,000 in state RTT alone.
Attorney Requirement: As mentioned, an attorney is mandatory for closings in PA.
Escrow Accounts: Lenders typically require you to fund an escrow account at closing to cover future property taxes and homeowner's insurance. This typically includes a few months of each.
Disclaimer:
This calculator provides an ESTIMATE only. Actual closing costs may differ. Always consult your loan estimate and settlement statement (HUD-1 or Closing Disclosure) provided by your lender and title company for precise figures.
function calculateClosingCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var propertyTaxAnnual = parseFloat(document.getElementById("propertyTaxAnnual").value);
var homeInsuranceAnnual = parseFloat(document.getElementById("homeInsuranceAnnual").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTermMonths").value);
var appraisalFee = parseFloat(document.getElementById("appraisalFee").value);
var titleInsurance = parseFloat(document.getElementById("titleInsurance").value);
var escrowSetupFee = parseFloat(document.getElementById("escrowSetupFee").value);
var attorneyFee = parseFloat(document.getElementById("attorneyFee").value);
var recordingFees = parseFloat(document.getElementById("recordingFees").value);
var otherFees = parseFloat(document.getElementById("otherFees").value);
var totalClosingCosts = 0;
// Basic validation
if (isNaN(purchasePrice) || purchasePrice <= 0 ||
isNaN(loanAmount) || loanAmount <= 0 ||
isNaN(propertyTaxAnnual) || propertyTaxAnnual < 0 ||
isNaN(homeInsuranceAnnual) || homeInsuranceAnnual < 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(loanTermYears) || loanTermYears <= 0 ||
isNaN(appraisalFee) || appraisalFee < 0 ||
isNaN(titleInsurance) || titleInsurance < 0 ||
isNaN(escrowSetupFee) || escrowSetupFee < 0 ||
isNaN(attorneyFee) || attorneyFee < 0 ||
isNaN(recordingFees) || recordingFees < 0 ||
isNaN(otherFees) || otherFees 0 && loanTermYears > 0) {
var monthlyInterestRate = (interestRate / 100) / 12;
var monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermYears * 12)) / (Math.pow(1 + monthlyInterestRate, loanTermYears * 12) – 1);
if (!isNaN(monthlyPayment)) {
prepaidInterest = monthlyPayment * (15/30); // Estimate for 15 days of interest, assuming 30-day month avg
}
}
// Estimate escrow funding (e.g., 2 months of taxes and insurance)
var escrowFundingTaxes = (propertyTaxAnnual / 12) * 2;
var escrowFundingInsurance = (homeInsuranceAnnual / 12) * 2;
// Calculate total direct closing costs
totalClosingCosts = loanOriginationFee + appraisalFee + titleInsurance + lenderTitleInsurance +
escrowSetupFee + attorneyFee + recordingFees + otherFees;
// Sum of all potential costs (direct fees + pre-paids) for display
var totalEstimatedTotalOutlay = totalClosingCosts + prepaidInterest + escrowFundingTaxes + escrowFundingInsurance;
// Format the result
var formattedTotalClosingCosts = totalClosingCosts.toFixed(2);
var formattedTotalEstimatedTotalOutlay = totalEstimatedTotalOutlay.toFixed(2);
document.getElementById("result").innerHTML =
"Total Estimated Closing Costs: $" + formattedTotalClosingCosts +
"(Excludes pre-paid items. See explanation.)";
}