Closing Cost Calculator Ohio

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Expert Reviewer: David Chen, CFA

This Ohio Closing Cost Calculator logic has been reviewed and verified for accuracy based on common industry standards and state-specific transfer tax laws.

Use this comprehensive calculator to estimate the total closing costs you can expect to pay when purchasing a home in Ohio. Simply input your key financial details, and we’ll break down the estimate.

Ohio Closing Cost Calculator

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Estimated Total Closing Costs

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This is an estimate. Your final costs will vary.

Detailed Calculation Breakdown

Ohio Closing Cost Calculator Formula

Total Closing Costs = Lender Costs + Title/Settlement Costs + Government Fees + Prepaids
Lender Costs = Loan Amount × Origination Fee Percentage
Government Fees (Ohio Transfer Tax) = Home Price × 0.4% (Standard State Rate)

Formula Sources: CFPB Closing Disclosure Guide, Ohio Revised Code (Conveyance Fee)

Variables Explained

  • Home Purchase Price: The negotiated price of the property.
  • Down Payment (%): The percentage of the home price you pay upfront, affecting the loan amount.
  • Lender Origination Fee (% of Loan): A charge for processing the loan, typically 0.5% to 1.5% of the loan amount.
  • Appraisal Fee: Cost to determine the market value of the property for the lender.
  • Title Insurance & Settlement Fee: Costs associated with ensuring a clear title and the closing agent’s service.
  • Ohio Transfer Tax (% of Price): The state and county fee for transferring the property deed.
  • Prepaid Costs/Escrow Setup: Funds collected at closing for property taxes and homeowner’s insurance that will be paid over the first year.

Related Calculators

What is an Ohio Closing Cost Calculator?

A Closing Cost Calculator for Ohio provides an essential estimate of the out-of-pocket costs a buyer must pay on closing day, which are separate from the down payment. These costs typically range from 2% to 5% of the loan amount or home price. Using a state-specific calculator is crucial because government transfer taxes and local fees can vary significantly.

For Ohio, a key component is the state’s conveyance fee (transfer tax), which is currently $4.00 per $1,000 of the sale price, equating to 0.4%. While this fee is relatively low compared to some other states, local regulations and title practices still mean buyers need a solid estimate to avoid surprises at the settlement table.

How to Calculate Closing Costs (Example)

  1. Determine the Loan Amount: Subtract the dollar amount of your down payment from the Home Purchase Price. If the price is $300,000 and the down payment is 20% ($60,000), the loan is $240,000.
  2. Calculate Percentage-Based Fees: Multiply the Loan Amount ($240,000) by the Lender Origination Fee (e.g., 1%) to get $2,400.
  3. Calculate Transfer Taxes: Multiply the Home Purchase Price ($300,000) by the Ohio Transfer Tax rate (0.4%) to get $1,200.
  4. Sum Fixed Fees: Add all known fixed costs, such as the Appraisal Fee ($650), Title Insurance ($800), and Prepaids/Escrow ($3,000). Total fixed costs: $4,450.
  5. Calculate Total Closing Costs: Sum all percentage-based fees, fixed fees, and taxes: $2,400 + $1,200 + $4,450 = $8,050.

Frequently Asked Questions (FAQ)

1. Are the prepaid costs included in the closing costs estimate?

Yes. Prepaid items (like initial escrow deposits for property taxes and homeowner’s insurance) are paid at closing and are included in the total closing costs, even though they are not technically “fees” but payments made in advance.

2. How much are closing costs in Ohio, typically?

In Ohio, buyers generally pay between 2% and 5% of the loan amount in total closing costs. This calculator provides a more specific number based on your inputs.

3. What is the largest portion of closing costs?

The largest components are often the Lender’s Origination Fees (if applicable) and the Prepaid/Escrow amounts, which can account for half or more of the total.

4. Does the seller pay any closing costs in Ohio?

Yes, the seller traditionally pays the Ohio Transfer Tax (Conveyance Fee). However, in a purchase agreement, the buyer may agree to cover it. For this calculator, we assume the buyer is factoring in all potential costs.

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