Note: This calculator provides an estimate. Actual closing costs may vary.
Understanding Florida Closing Costs
Closing costs are the expenses incurred by both the buyer and seller in a real estate transaction. In Florida, these costs can be significant and often come as a surprise if not properly anticipated. They typically range from 2% to 5% of the loan amount or purchase price. This calculator aims to provide a comprehensive estimate of common closing costs for a Florida home purchase.
Key Closing Cost Components Included:
Loan Origination Fee: Charged by the lender for processing the mortgage application. Often a percentage of the loan amount.
Appraisal Fee: Cost for a professional appraisal to determine the property's market value.
Title Insurance: Protects the lender and homeowner against future claims on the property title. Includes Lender's Policy and Owner's Policy.
Title Search Fee: Cost associated with researching the property's title history.
Recording Fees: Charged by the county to record the deed and mortgage.
Attorney Fees: Many Florida real estate transactions involve an attorney for closing services.
Survey Fee: Cost to verify property lines and identify encroachments.
Credit Report Fee: Lender charge for obtaining your credit report.
Prepaid Items: Funds held in escrow for future expenses, including:
Homeowner's Insurance Premium: Typically the first year's premium.
Property Taxes: A prorated amount based on the closing date, often covering several months or up to a year, to establish an escrow account.
Mortgage Interest: Interest that accrues from the closing date to the end of the month.
Florida Intangible Tax: A tax levied on new mortgage notes, calculated as $0.002 per dollar of the mortgage amount.
Florida Documentary Stamp Tax (on Deed): A state tax on the transfer of real property, calculated as $0.70 per $100 of the purchase price.
Florida Documentary Stamp Tax (on Mortgage): A state tax on the mortgage, calculated as $0.35 per $100 of the mortgage amount.
How the Calculator Works:
Our calculator estimates these costs using typical percentages and flat fees. Please note that specific percentages can vary based on the lender, title company, and the specifics of your transaction.
Loan Origination Fee: Estimated at 1% of the loan amount.
Appraisal Fee: Estimated at $450.
Title Insurance (Lender's & Owner's): Estimated as a combined flat rate based on loan amount and purchase price tiers, often around $1,500 – $2,500. For simplicity, we use a blended rate.
Title Search & Exam: Estimated at $500.
Recording Fees: Estimated at $150.
Attorney/Closing Fee: Estimated at $750.
Survey Fee: Estimated at $400.
Credit Report Fee: Estimated at $50.
Florida Intangible Tax: (Loan Amount * 0.002).
Florida Documentary Stamp Tax (on Deed): (Purchase Price * 0.007).
Florida Documentary Stamp Tax (on Mortgage): (Loan Amount * 0.0035).
Prepaid Interest: Calculated based on the loan amount, interest rate, and prorated days from the closing date to the end of the month. Formula: (Loan Amount * (Interest Rate / 100) * (Days Remaining in Month) / 365).
Escrow Funding (Property Taxes & Home Insurance): This requires calculating the prorated amount for the current year and funding the escrow account.
Prorated Property Taxes: (Annual Property Taxes / 365) * (Days Remaining in Year from Closing Date).
Prorated Home Insurance: (Annual Home Insurance / 365) * (Days Remaining in Year from Closing Date).
Initial Escrow Deposit: Lenders often require 2-6 months of property taxes and insurance. We'll estimate funding for 3 months of each for this calculator.
Important Note: The calculation for prepaid items and escrow funding is complex and depends heavily on the closing date and the lender's specific requirements. This calculator provides a simplified estimate. Always consult with your lender and title company for the most accurate figures.
function calculateClosingCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var propertyTaxesAnnual = parseFloat(document.getElementById("propertyTaxesAnnual").value);
var homeInsuranceAnnual = parseFloat(document.getElementById("homeInsuranceAnnual").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseInt(document.getElementById("loanTermMonths").value);
var closingDateInput = document.getElementById("closingDate").value;
var totalClosingCosts = 0;
var closingCostsDetails = {};
// — Input Validation —
if (isNaN(purchasePrice) || purchasePrice <= 0) {
alert("Please enter a valid Purchase Price.");
return;
}
if (isNaN(loanAmount) || loanAmount purchasePrice) {
alert("Loan Amount cannot be greater than the Purchase Price.");
return;
}
if (isNaN(propertyTaxesAnnual) || propertyTaxesAnnual < 0) {
alert("Please enter a valid Annual Property Taxes amount.");
return;
}
if (isNaN(homeInsuranceAnnual) || homeInsuranceAnnual < 0) {
alert("Please enter a valid Annual Homeowner's Insurance amount.");
return;
}
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
alert("Please enter a valid Loan Term in Years.");
return;
}
if (!closingDateInput) {
alert("Please select a Closing Date.");
return;
}
// — Estimated Flat Fees & Percentages —
var loanOriginationFeeRate = 0.01; // 1%
var appraisalFee = 450;
var titleSearchExamFee = 500;
var recordingFees = 150;
var attorneyClosingFee = 750;
var surveyFee = 400;
var creditReportFee = 50;
// Title insurance is complex, using a blended estimate
var titleInsuranceEstimate = 1800; // A rough average for policy costs
// Calculate specific fees
var loanOriginationFee = loanAmount * loanOriginationFeeRate;
totalClosingCosts += loanOriginationFee;
closingCostsDetails['Loan Origination Fee'] = loanOriginationFee.toFixed(2);
totalClosingCosts += appraisalFee;
closingCostsDetails['Appraisal Fee'] = appraisalFee.toFixed(2);
totalClosingCosts += titleInsuranceEstimate;
closingCostsDetails['Title Insurance (Est.)'] = titleInsuranceEstimate.toFixed(2);
totalClosingCosts += titleSearchExamFee;
closingCostsDetails['Title Search & Exam'] = titleSearchExamFee.toFixed(2);
totalClosingCosts += recordingFees;
closingCostsDetails['Recording Fees'] = recordingFees.toFixed(2);
totalClosingCosts += attorneyClosingFee;
closingCostsDetails['Attorney/Closing Fee'] = attorneyClosingFee.toFixed(2);
totalClosingCosts += surveyFee;
closingCostsDetails['Survey Fee'] = surveyFee.toFixed(2);
totalClosingCosts += creditReportFee;
closingCostsDetails['Credit Report Fee'] = creditReportFee.toFixed(2);
// — Florida Specific Taxes —
var intangibleTaxRate = 0.002; // $0.002 per $1 of mortgage
var docStampDeedRate = 0.007; // $0.70 per $100 of purchase price
var docStampMortgageRate = 0.0035; // $0.35 per $100 of mortgage
var intangibleTax = loanAmount * intangibleTaxRate;
totalClosingCosts += intangibleTax;
closingCostsDetails['Florida Intangible Tax'] = intangibleTax.toFixed(2);
var docStampDeed = (purchasePrice / 100) * 0.70; // $0.70 per $100
totalClosingCosts += docStampDeed;
closingCostsDetails['FL Doc Stamp Tax (Deed)'] = docStampDeed.toFixed(2);
var docStampMortgage = (loanAmount / 100) * 0.35; // $0.35 per $100
totalClosingCosts += docStampMortgage;
closingCostsDetails['FL Doc Stamp Tax (Mortgage)'] = docStampMortgage.toFixed(2);
// — Prepaid Items & Escrow Funding —
var closingDate = new Date(closingDateInput);
var today = new Date();
// Ensure closing date is not in the past for calculation logic
if (closingDate.setHours(0,0,0,0) < today.setHours(0,0,0,0)) {
// Allow past dates but maybe warn user? For now, proceed.
}
var daysInMonth = new Date(closingDate.getFullYear(), closingDate.getMonth() + 1, 0).getDate();
var dayOfMonth = closingDate.getDate();
var daysRemainingInMonth = daysInMonth – dayOfMonth;
// Prepaid Interest (Interest from closing date to end of month)
var prepaidInterest = (loanAmount * (interestRate / 100) * daysRemainingInMonth) / 365;
totalClosingCosts += prepaidInterest;
closingCostsDetails['Prepaid Interest'] = prepaidInterest.toFixed(2);
// Escrow Funding (Property Taxes & Home Insurance)
// Calculate prorated portion of the year remaining from closing date
var startOfYear = new Date(closingDate.getFullYear(), 0, 1);
var timeDiff = closingDate.getTime() – startOfYear.getTime();
var dayOfYear = Math.floor(timeDiff / (1000 * 60 * 60 * 24));
var daysRemainingInYear = 365 – dayOfYear; // Simple year, ignore leap year for this estimate
// Calculate prorated amounts for the rest of the year
var proratedPropertyTaxes = (propertyTaxesAnnual / 365) * daysRemainingInYear;
var proratedHomeInsurance = (homeInsuranceAnnual / 365) * daysRemainingInYear;
// Lender usually requires funding for several months in escrow
var monthsToFund = 3; // Common estimate for property taxes and insurance
var escrowFundingTaxes = (propertyTaxesAnnual / 12) * monthsToFund;
var escrowFundingInsurance = (homeInsuranceAnnual / 12) * monthsToFund;
// Add the initial deposit for escrow account
totalClosingCosts += escrowFundingTaxes + escrowFundingInsurance;
closingCostsDetails['Escrow Funding (Taxes: ' + monthsToFund + ' mo)'] = escrowFundingTaxes.toFixed(2);
closingCostsDetails['Escrow Funding (Insurance: ' + monthsToFund + ' mo)'] = escrowFundingInsurance.toFixed(2);
// Add the prorated amounts for the current year
totalClosingCosts += proratedPropertyTaxes;
closingCostsDetails['Prorated Property Taxes'] = proratedPropertyTaxes.toFixed(2);
totalClosingCosts += proratedHomeInsurance;
closingCostsDetails['Prorated Home Insurance'] = proratedHomeInsurance.toFixed(2);
// Display the total estimated closing costs
document.getElementById("totalClosingCosts").innerText = totalClosingCosts.toFixed(2);
// Optional: Display detailed breakdown (could be added below result if needed)
// console.log("Closing Costs Breakdown:", closingCostsDetails);
}