Estimate of Closing Costs
Chicago Home Buyer and Home Seller
Closing costs chicago home buyer
Chicago Home Buyer and Home Seller Closing Costs - What to Expect
If you are thinking about buying a home in Chicago or selling a home in Chicago, contact us to provide you with an estimate of how much money you should set aside to cover the closing costs for your real estate transaction.
You will need to pay for your home inspection up front immediately after your offer on a home is accepted by the seller. All other closings costs including; inspection fees, mortgage lender fees, attorney fees, tax prorations, insurance fees and title fees will be paid for at the closing table by the buyer and seller. Each closing cost line item will appear on your final closing statement, in addition to any credits from the buyer or seller.
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Chicago Home Buyer Closing Costs Estimate
PURCHASE PRICE: $400,000
DOWNPAYMENT: $80,000 (20%)
INTEREST RATE: 6%
LOAN TERM: 30 Year Conventional
FIXED BUYER CLOSING COSTS
Lender Wire Fee $50
Buyer Wire Fee $50
State Registration Fee $3
Origination Fee $3,200
Appraisal Fee $450
Credit Report $30
Underwriting $595
Processing Fee $500
Prorated Tax Credit - $5,908.39
Chicago Water Certification $75
Recording Fee $188
City Transfer Tax $3,000
TOTAL BUYER FIXED COSTS = $5,692.61
Closing Fees $1800
Lender Title Policy $525
Closing Protection (Buyer) $25
Inflation Enhancement Coverage $175
Express Mail Fee $35
Closing Protection (Lender) $25
Location Endorsement $175
EPA Endorsement $175
Policy Update Fee $150
Tax Payment Fee $50
E-Doc Fee $25
Email Package Fee $50
Chain of Title Fee $250
PREPAID BUYER CLOSING COSTS
14 Months of Homeowners Insurance $1400
4 Months of Taxes $2,296.66
15 Days of Interest $789.04
TOTAL BUYER PREPAID COSTS = $4,672.37
TOTAL BUYER CLOSING COSTS = $10,364.98
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Chicago Home Seller Closing Costs Estimate
OTHER FEES
STATE TRANSFER TAX $400
COUNTY TRANSFER TAX $200
CITY TRANSFER TAX $1200
SURVEY $500
RECORDING FEE $150
INTEREST $175.34
BUYERS BROKER FEE (2.5%) $10,000
LISTING BROKER FEE (2.5%) $10,000
TOTAL COMMISSION AND OTHER FEES $22,625.34
TOTAL SELLER CLOSING COSTS $25,183.34
SELLER CLOSING COSTS
SALES PRICE: $400,000
LOAN BALANCE: $200,000
EST CLOSING DATE: 11-08-22
LOAN TYPE: Conventional / 30 Year
ANNUAL TAXES: $6,889.98
TAXES
PRORATED TAX OWED $6,183.99
TITLE AND ESCROW FEES
OWNERS TITLE POLICY $2,250
COURIER FEE $25
COMMITMENT UPDATE FEE $150
CLOSING PROTECTION LETTER (CPL) $50
PAYOFF WIRE FEE $40
PROCEEDS WIRE FEE $40
STATE REGISTRATION FEE $3
TOTAL TITLE AND ESCROW FEES $2,558
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