function calculateClosingFees() {
var purchasePrice = parseFloat(document.getElementById('purchasePrice').value);
var loanAmount = parseFloat(document.getElementById('loanAmount').value);
var originationFeePercent = parseFloat(document.getElementById('originationFeePercent').value);
var appraisalFee = parseFloat(document.getElementById('appraisalFee').value);
var ownerTitlePercent = parseFloat(document.getElementById('ownerTitlePercent').value);
var lenderTitlePercent = parseFloat(document.getElementById('lenderTitlePercent').value);
var escrowFee = parseFloat(document.getElementById('escrowFee').value);
var recordingFees = parseFloat(document.getElementById('recordingFees').value);
var attorneyFees = parseFloat(document.getElementById('attorneyFees').value);
var transferTaxPercent = parseFloat(document.getElementById('transferTaxPercent').value);
var annualPropertyTax = parseFloat(document.getElementById('annualPropertyTax').value);
var prepayTaxMonths = parseFloat(document.getElementById('prepayTaxMonths').value);
var annualHOI = parseFloat(document.getElementById('annualHOI').value);
var prepayHOIMonths = parseFloat(document.getElementById('prepayHOIMonths').value);
// Validate inputs
if (isNaN(purchasePrice) || purchasePrice < 0) purchasePrice = 0;
if (isNaN(loanAmount) || loanAmount < 0) loanAmount = 0;
if (isNaN(originationFeePercent) || originationFeePercent < 0) originationFeePercent = 0;
if (isNaN(appraisalFee) || appraisalFee < 0) appraisalFee = 0;
if (isNaN(ownerTitlePercent) || ownerTitlePercent < 0) ownerTitlePercent = 0;
if (isNaN(lenderTitlePercent) || lenderTitlePercent < 0) lenderTitlePercent = 0;
if (isNaN(escrowFee) || escrowFee < 0) escrowFee = 0;
if (isNaN(recordingFees) || recordingFees < 0) recordingFees = 0;
if (isNaN(attorneyFees) || attorneyFees < 0) attorneyFees = 0;
if (isNaN(transferTaxPercent) || transferTaxPercent < 0) transferTaxPercent = 0;
if (isNaN(annualPropertyTax) || annualPropertyTax < 0) annualPropertyTax = 0;
if (isNaN(prepayTaxMonths) || prepayTaxMonths < 0) prepayTaxMonths = 0;
if (isNaN(annualHOI) || annualHOI < 0) annualHOI = 0;
if (isNaN(prepayHOIMonths) || prepayHOIMonths 0) ? (loanAmount * (originationFeePercent / 100)) : 0;
var appraisalCost = (loanAmount > 0) ? appraisalFee : 0; // Often tied to having a loan
var ownerTitleCost = purchasePrice * (ownerTitlePercent / 100);
var lenderTitleCost = (loanAmount > 0) ? (loanAmount * (lenderTitlePercent / 100)) : 0;
var escrowCost = escrowFee;
var recordingCost = recordingFees;
var attorneyCost = attorneyFees;
var transferTaxCost = purchasePrice * (transferTaxPercent / 100);
var prepaidPropertyTaxCost = (annualPropertyTax / 12) * prepayTaxMonths;
var prepaidHOICost = (annualHOI / 12) * prepayHOIMonths;
var totalClosingFees = loanOriginationCost + appraisalCost + ownerTitleCost + lenderTitleCost +
escrowCost + recordingCost + attorneyCost + transferTaxCost +
prepaidPropertyTaxCost + prepaidHOICost;
document.getElementById('totalClosingFees').innerText = 'Total: $' + totalClosingFees.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('loanOriginationCost').innerText = 'Loan Origination Fee: $' + loanOriginationCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('appraisalCost').innerText = 'Appraisal Fee: $' + appraisalCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('ownerTitleCost').innerText = "Owner's Title Insurance: $" + ownerTitleCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('lenderTitleCost').innerText = "Lender's Title Insurance: $" + lenderTitleCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('escrowCost').innerText = 'Escrow/Settlement Fee: $' + escrowCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('recordingCost').innerText = 'Recording Fees: $' + recordingCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('attorneyCost').innerText = 'Attorney Fees: $' + attorneyCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('transferTaxCost').innerText = 'Transfer Tax: $' + transferTaxCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('prepaidPropertyTaxCost').innerText = 'Prepaid Property Tax: $' + prepaidPropertyTaxCost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('prepaidHOICost').innerText = "Prepaid Homeowner's Insurance: $" + prepaidHOICost.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
// Calculate on page load with default values
window.onload = calculateClosingFees;
Understanding Real Estate Closing Fees
When you buy or sell a property, the agreed-upon purchase price isn't the only money that changes hands. There's an additional set of expenses known as "closing fees" or "closing costs" that both buyers and sellers typically incur to finalize the transaction. These fees cover the services and expenses required to transfer ownership of the property from one party to another and to secure any associated financing.
What Are Closing Fees?
Closing fees are a collection of charges for various services related to your real estate transaction. They can vary significantly based on your location (state, county, and even city), the type of property, and whether you're obtaining a mortgage. For buyers, these costs are usually paid at the "closing" or "settlement" meeting, which is the final step in the home-buying process.
Common Types of Buyer's Closing Fees:
While the exact list can be extensive, here are some of the most common closing fees a buyer might encounter:
Loan Origination Fee: A fee charged by the lender for processing your loan application. It's often expressed as a percentage of the loan amount (e.g., 1% of the loan).
Appraisal Fee: Paid to an appraiser to determine the fair market value of the property. Lenders require this to ensure the property's value supports the loan amount.
Title Insurance (Owner's & Lender's):
Owner's Title Insurance: Protects the buyer from future claims against the property's title (e.g., undisclosed heirs, forged documents).
Lender's Title Insurance: Protects the lender against title defects. This is typically required by the lender.
Escrow/Settlement Fee: Paid to the escrow company or attorney who handles the closing process, including holding funds and documents, and ensuring all conditions are met.
Recording Fees: Charged by local government to record the new deed and mortgage (if applicable) in public records.
Attorney Fees: If an attorney is involved in reviewing documents or representing you at closing, their fees will be included.
Transfer Tax: A tax imposed by state or local governments on the transfer of real property. It's often a percentage of the purchase price.
Prepaid Property Taxes: Buyers often need to prepay a certain number of months of property taxes to establish an escrow account for future tax payments.
Prepaid Homeowner's Insurance: Lenders typically require buyers to pay for the first year of homeowner's insurance upfront at closing.
How Our Calculator Helps
Our Real Estate Closing Fee Calculator provides an estimate of these various costs based on common percentages and fixed fees. By inputting your property's purchase price, loan amount, and estimated percentages/fees for different services, you can get a clearer picture of the total funds you'll need to bring to the closing table. This tool is designed to help you budget effectively and avoid surprises.
Important Considerations:
Estimates Only: The calculator provides estimates. Actual closing costs can vary. Always consult with your lender, real estate agent, and closing attorney for precise figures.
Location Matters: Closing costs differ significantly by state and even county. The percentages and fixed fees used in this calculator are general examples.
Negotiation: Some closing costs may be negotiable, or the seller might agree to pay a portion of them, depending on market conditions and your purchase agreement.
Cash vs. Loan: If you're paying cash for a property, you won't have lender-related fees like loan origination, appraisal, or lender's title insurance.
Use this calculator as a valuable planning tool to understand the financial commitment beyond the property's sticker price, ensuring a smoother and more predictable real estate transaction.