The best guess most financial advisors and websites will give you is that closing costs are typically between 2% and 5% of the home value. There’s one number in the home-buying process that is especially hard to pin down: Closing costs. Before taking on a mortgage and buying a house, most people want to know everything they can about how purchasing a home will impact their finances. Far better to know what’s coming in advance so that you can plan for it and prepare yourself mentally to avoid depleting your bank account.
No one likes to be surprised by a high utility bills, or hit with an unexpected late fee. When it comes to your money, it’s never a good feeling to be caught off guard. Closing Costs Calculator Photo credit: ©iStock/RuslanDashinsky
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