Closing costs are the expenses incurred by both the buyer and seller in a real estate transaction.
These costs are in addition to the down payment and are typically paid on the day of closing.
In Florida, closing costs can vary significantly based on the property's location, purchase price,
and the specific lenders and service providers involved.
Key Components of Florida Closing Costs
While the exact figures can differ, most closing costs fall into several common categories.
This calculator provides an estimate based on typical Florida real estate transactions and includes:
Escrow Fees: Fees paid to the title company or closing agent for managing the closing process.
How the Calculator Works: Estimating Key Florida Closing Costs
This calculator estimates several significant closing cost components to give you a general idea of what to expect.
It focuses on fees directly tied to the loan and property, as well as prepaid items.
Loan Origination Fee & Discount Points: Often calculated as a percentage of the loan amount. For this estimate, we'll use a combined typical percentage for origination and potential points.
(Estimated as 1% of Loan Amount)
Title Insurance: Based on the purchase price, Florida has statutory rates.
(Estimated based on purchase price tiers as per Florida Statutes)
Mortgage and Deed Stamps: Florida has specific tax rates for these.
Deed Stamp Tax: $0.70 per $100 of the purchase price.
Mortgage Stamp Tax: $0.35 per $100 of the loan amount.
Recording Fees: Fees charged by the county to record the deed and mortgage.
(Estimated fixed amount for deed and mortgage)
Appraisal Fee: Cost of getting a professional appraisal of the property.
(Estimated fixed amount)
Prorated Property Taxes: Based on the annual rate and days left in the tax year.
(Calculated based on annual rate, purchase price, and average days per month)
Prepaid Homeowners Insurance: Typically one year's premium paid at closing.
(Directly from input)
Escrow Setup Fee: Fee for setting up the escrow account.
(Estimated fixed amount)
Note: This calculator provides an *estimate*. Actual closing costs can vary. It does not include all possible fees (e.g., survey, flood insurance premiums, HOA transfer fees, specific lender requirements, owner's title insurance).
Example Scenario:
Let's say you are purchasing a home in Florida for $350,000 with a loan of $280,000.
The annual property tax rate is 1.2%, annual homeowners insurance is $1,500,
and the interest rate is 4.5% for a 30-year loan.
Using these figures, the calculator will estimate various fees to provide a total closing cost figure.
This calculator is for informational purposes only and does not constitute financial advice. Consult with a real estate agent, mortgage lender, and title company for precise figures.
function calculateClosingCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var propertyTaxRate = parseFloat(document.getElementById("propertyTaxRate").value) / 100; // Convert percentage to decimal
var homeownersInsurance = parseFloat(document.getElementById("homeownersInsurance").value);
var interestRate = parseFloat(document.getElementById("interestRate").value) / 100; // Convert percentage to decimal
var loanTermYears = parseInt(document.getElementById("loanTermYears").value);
var totalClosingCosts = 0;
// — Input Validation —
if (isNaN(purchasePrice) || purchasePrice <= 0) {
alert("Please enter a valid Purchase Price.");
return;
}
if (isNaN(loanAmount) || loanAmount <= 0) {
alert("Please enter a valid Loan Amount.");
return;
}
if (isNaN(propertyTaxRate) || propertyTaxRate < 0) {
alert("Please enter a valid Annual Property Tax Rate.");
return;
}
if (isNaN(homeownersInsurance) || homeownersInsurance < 0) {
alert("Please enter a valid Annual Homeowners Insurance amount.");
return;
}
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(loanTermYears) || loanTermYears purchasePrice) {
alert("Loan Amount cannot be greater than Purchase Price.");
return;
}
// — Estimated Closing Cost Calculations —
// 1. Loan Origination Fee & Discount Points (Estimate: 1% of Loan Amount)
var loanOriginationFee = loanAmount * 0.01;
totalClosingCosts += loanOriginationFee;
// 2. Title Insurance (Estimate based on typical Florida rates, simplified)
// These are simplified approximations for demonstration. Actual rates are tiered and regulated.
var titleInsurance = 0;
if (purchasePrice <= 100000) {
titleInsurance = purchasePrice * 0.005;
} else if (purchasePrice <= 250000) {
titleInsurance = 100000 * 0.005 + (purchasePrice – 100000) * 0.0045;
} else if (purchasePrice <= 500000) {
titleInsurance = 100000 * 0.005 + 150000 * 0.0045 + (purchasePrice – 250000) * 0.004;
} else {
titleInsurance = 100000 * 0.005 + 150000 * 0.0045 + 250000 * 0.004 + (purchasePrice – 500000) * 0.0035;
}
// Add a base minimum and cap for realistic estimation
titleInsurance = Math.max(titleInsurance, 500); // Minimum
titleInsurance = Math.min(titleInsurance, 5000); // Cap for simplicity
totalClosingCosts += titleInsurance;
// 3. Florida Documentary Stamp Tax on Deed (0.70 per $100)
var deedStampTax = Math.ceil((purchasePrice / 100) * 0.70);
totalClosingCosts += deedStampTax;
// 4. Florida Intangible Tax on Mortgage (0.002 x Loan Amount – only on new loans)
var intangibleTax = loanAmount * 0.002;
totalClosingCosts += intangibleTax;
// 5. Florida Mortgage Stamp Tax (0.35 per $100)
var mortgageStampTax = Math.ceil((loanAmount / 100) * 0.35);
totalClosingCosts += mortgageStampTax;
// 6. Recording Fees (Estimate)
var recordingFees = 150; // Estimate for deed and mortgage recording
totalClosingCosts += recordingFees;
// 7. Appraisal Fee (Estimate)
var appraisalFee = 450; // Estimate
totalClosingCosts += appraisalFee;
// 8. Survey Fee (Estimate)
var surveyFee = 400; // Estimate
totalClosingCosts += surveyFee;
// 9. Credit Report Fee (Estimate)
var creditReportFee = 50;
totalClosingCosts += creditReportFee;
// 10. Flood Certification Fee (Estimate)
var floodCertificationFee = 25;
totalClosingCosts += floodCertificationFee;
// 11. Homeowners Insurance (First Year Premium)
totalClosingCosts += homeownersInsurance;
// 12. Prepaid Interest (Estimate – depends on closing date, simplified)
// Assuming closing mid-month for a rough estimate of ~15 days of prepaid interest
var loanTermMonths = loanTermYears * 12;
var monthlyInterest = loanAmount * (interestRate / 12);
var prepaidInterest = monthlyInterest * 0.5; // Approx. half a month
totalClosingCosts += prepaidInterest;
// 13. Escrow Setup Fee (Estimate)
var escrowSetupFee = 250; // Estimate
totalClosingCosts += escrowSetupFee;
// — Display Result —
document.getElementById("totalClosingCosts").textContent = "$" + totalClosingCosts.toFixed(2);
}