Tools

Buyer's Estimated Closing Costs

Cash needed at settlement and the monthly payment for a Virginia purchase. Enter the price, loan and costs, read the summary, then print it or copy the link.

Cash needed at settlement$0.00

The purchase

Buyer's name Property address Sale price Settlement date Annual real estate tax Estimate the tax from a locality's rate Seller credit to buyer Earnest money deposit

Picking a locality fills the annual tax with price times its rate. Town taxes are extra, so add them by hand. See Virginia tax rates.

The loan

Loan type Down payment Interest rate Loan term Estimated PMI, % of loan per year USDA upfront guarantee fee USDA annual fee Subsequent use of the VA benefit (higher funding fee with less than 5% down) Exempt from the VA funding fee (for example, a service-connected disability rating) Finance the upfront fee (adds it to the loan instead of paying it at closing)

PMI is illustrative. It depends on credit score and down payment, so replace 0.50% with your lender's quote. It applies only when the loan is above 80% of the price.

FHA's upfront premium is 1.75% of the base loan, and the annual premium comes from HUD's table by loan size, term and loan-to-value (see the notes below the tool).

USDA sets its fees each fiscal year. The defaults, 1.00% upfront and 0.35% a year, are editable placeholders: confirm the current figures with your lender.

Lender costs

Loan origination Discount points, % of loan

FeePaidAmount

Appraisal

Credit report

Document preparation

Underwriting

Flood certification

Tax escrow service

Courier

Wire

Escrow waiver fee

Appraisal, credit report, tax service and similar figures are placeholders. Replace them with the amounts on your lender's Loan Estimate.

Title and settlement

Settlement / closing fee

Title search / exam

Lender's title insurance policy

Owner's title insurance policy

Survey

An owner's policy protects the buyer. The lender's policy protects only the lender.

Virginia recordation tax

Recordation tax on the deed: $0.25 per $100 of the price (Va. Code 58.1-801) plus the local tax of one third of that (58.1-814) Recordation tax on the lender's deed of trust: $0.25 per $100 of the loan (58.1-803) plus one third local

The seller pays the separate grantor tax; see the seller net sheet. Clerk's recording fees are not included, so add them under other costs.

Other closing costs

CostPaidAmount

Notary

Commission paid by buyer

Home warranty

Home inspection

Termite / wood-destroying insect inspection

Radon inspection

Water inspection

Septic inspection

Attorney fee

HOA / condo capital contribution

HOA / condo move-in fee

Insurance, HOA and lender escrows

Homeowner's insurance, annual premium HOA or condo dues, per month The first year of insurance is paid at or before closing

Months of reserves the lender collects at closing

Property tax Homeowner's insurance HOA or condo Mortgage insurance

Most lenders collect several months of taxes and insurance at closing. Ask yours, then enter the months here. They are left at zero until you do.

Buyer reimburses the seller

Items the seller prepaid that belong to the buyer after settlement. The prorations on the seller's net sheet show the amounts.

Mortgage calculator Amortization schedule Virginia tax rates Seller net sheet

How this estimate works

Recordation tax. Virginia charges the buyer a state recordation tax of 25 cents per $100 or fraction on the deed (Va. Code 58.1-801) and on the lender's deed of trust (58.1-803), plus a local tax of one third of the state amount (58.1-814). The tool uses the sale price for the deed; the clerk uses the greater of price or value.

FHA. Upfront premium 1.75% and annual premium by loan size, term and loan-to-value, from HUD Mortgagee Letter 2023-05. HUD can change these, so confirm with your lender. VA. Funding fee from the VA funding fee table (rates effective April 7, 2023): 2.15% first use with under 5% down, 3.3% subsequent use, 1.5% for 5% to under 10% down, 1.25% for 10% or more. USDA. USDA sets the upfront and annual guarantee fees each fiscal year; the defaults here are editable.

Prepaid interest counts the settlement day through the end of that month at the loan amount times the rate divided by 365. Lenders differ, so the Loan Estimate governs. Monthly property tax and insurance are the annual figures divided by 12.