Closing costs on a $500,000 house typically run $15,000 to $30,000 (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%) | $4,000 | $5,000 | $5,000 |
| Appraisal | $500 | $650 | $900 |
| Credit report | $30 | $50 | $75 |
| Title insurance | $1,100 | $1,800 | $2,700 |
| Title search & exam | $300 | $500 | $800 |
| Attorney fees | $600 | $1,200 | $1,800 |
| Recording fees | $125 | $200 | $400 |
| Survey | $400 | $600 | $900 |
| Home inspection | $400 | $550 | $800 |
| Escrow/title company fees | $600 | $950 | $1,600 |
| Total fees | $8,055 | $11,500 | $14,975 |
Prepaid Items (Held in Escrow)
| Item | Low Estimate | Typical | High Estimate |
|---|---|---|---|
| Property tax (3 months) | $750 | $1,250 | $2,500 |
| Homeowners insurance (1 year) | $2,000 | $3,500 | $6,000 |
| Prepaid interest (15 days) | $670 | $1,375 | $1,680 |
| Total prepaids | $3,420 | $6,125 | $10,180 |
Total Cash Needed at Closing
| Down Payment | Closing Costs | Total Cash Needed |
|---|---|---|
| 3% ($15,000) | $17,625 | $32,625 |
| 5% ($25,000) | $17,625 | $42,625 |
| 10% ($50,000) | $17,625 | $67,625 |
| 20% ($100,000) | $17,625 | $117,625 |
Closing Costs by State (on $500K)
| State | Avg. Closing Cost | % of Price |
|---|---|---|
| Missouri | $13,500 | 2.7% |
| Indiana | $14,500 | 2.9% |
| Texas | $21,000 | 4.2% |
| California | $24,000 | 4.8% |
| New York | $30,000 | 6.0% |
Related Guides
- Closing costs on a $400K house
- Closing costs on a $600K house
- Down payment on a $500K house
- $500K mortgage monthly payment
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