If you’re buying a home in Wisconsin, you’ve probably heard the term “closing costs.” But what are they, and how much should you expect to pay?
Closing costs are the various fees and expenses, beyond the price of the home, that you pay at the closing table. They add up, so plan ahead.
Our Wisconsin Real Estate Closing Cost Calculator can help you estimate these expenses in 3 easy steps. Here’s what each input means and why it matters.
This is the total amount you’re paying for the property. Most closing costs are based on this number, including the Wisconsin transfer fee.
This is the portion of the purchase price you’re paying upfront. It reduces the amount you’ll borrow. The calculator uses your down payment to figure out how much you’re borrowing, so it can estimate certain loan-based fees.
Lenders charge a fee for processing your mortgage. This is usually a percentage of the loan amount—commonly around 1%. Our calculator figures this out based on your loan size.
Before lending you money, most lenders require an appraisal to confirm the home’s value. This cost is typically around $500 but may vary.
Title insurance protects you (and your lender) against problems with the property’s title, like unpaid taxes or ownership disputes. The title company also performs searches and handles paperwork. These costs vary, but you can enter your own estimate into the calculator.
Local governments charge a fee to officially record your property deed and mortgage documents. This is usually a small but required expense.
Wisconsin doesn’t require an attorney for every closing, but many buyers hire one to review contracts and protect their interests. If you plan to hire an attorney, add that cost here.
Wisconsin charges a $3 fee for every $1,000 of the purchase price. This is commonly paid by the seller, but sometimes negotiated. Our calculator includes it by default, but you can choose to include it in your estimate.
Every home purchase is different. Costs can vary based on the home’s price, where it’s located, and who you hire. This calculator helps you plan ahead by giving you a rough estimate of what you’ll need at closing. Now that you know your estimated costs:
Our Wisconsin real estate attorneys will guide you through your home purchase from contract to closing. If you have questions about your transaction or need legal help during the process, call O’Flaherty Law today to schedule an appointment.
Close with confidence.
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