Closing costs on a $400,000 house typically run $12,000 to $24,000 (3-6% of the purchase price). Here’s the complete breakdown.
Buyer Closing Costs Breakdown
| Cost Type | Low Estimate | Typical | High Estimate |
|---|---|---|---|
| Loan origination fee (1%) | $3,200 | $4,000 | $4,000 |
| Appraisal | $450 | $600 | $800 |
| Credit report | $30 | $50 | $75 |
| Title insurance | $950 | $1,500 | $2,200 |
| Title search & exam | $250 | $450 | $700 |
| Attorney fees | $500 | $1,000 | $1,500 |
| Recording fees | $100 | $175 | $350 |
| Survey | $350 | $550 | $850 |
| Home inspection | $350 | $500 | $700 |
| Escrow/title company fees | $500 | $850 | $1,400 |
| Total fees | $6,680 | $9,675 | $12,575 |
Prepaid Items (Held in Escrow)
| Item | Low Estimate | Typical | High Estimate |
|---|---|---|---|
| Property tax (3 months) | $600 | $1,000 | $2,000 |
| Homeowners insurance (1 year) | $1,600 | $2,800 | $4,800 |
| Prepaid interest (15 days) | $535 | $1,100 | $1,350 |
| Total prepaids | $2,735 | $4,900 | $8,150 |
Total Cash Needed at Closing
| Down Payment | Closing Costs | Total Cash Needed |
|---|---|---|
| 3% ($12,000) | $14,575 | $26,575 |
| 5% ($20,000) | $14,575 | $34,575 |
| 10% ($40,000) | $14,575 | $54,575 |
| 20% ($80,000) | $14,575 | $94,575 |
Closing Costs by State (on $400K)
| State | Avg. Closing Cost | % of Price |
|---|---|---|
| Missouri | $10,800 | 2.7% |
| Indiana | $11,600 | 2.9% |
| Texas | $16,800 | 4.2% |
| California | $19,200 | 4.8% |
| New York | $24,000 | 6.0% |
Related Guides
- Closing costs on a $300K house
- Closing costs on a $500K house
- Down payment on a $400K house
- $400K mortgage monthly payment
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