How much can I expect to pay in closing costs for a $120,000 mortgage?

Asked by Candice Roque, Fall River, MA Thu Jul 5, 2012

Soon I will be taking out a 30-year mortgage with my credit union for around $180,000 with a down payment of about $60,000 (total borrowing will be about $120,000), and my mortgage rate is going to be around 4.5%. Can you tell me how I would go about estimating what my closing costs are going to be? Thanks in advance!

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Richard Shap…, , Framingham, MA
Thu Jul 5, 2012
I think you should contact me, that 4.5% rate is high relative to the market. Assuming you have no credit/employment/income issues you should be getting a rate in the 3's.

If paying no points closing costs should be around $3.5k which includes both lenders and (optional) owner's title insurance. With tax and insurance escrows, you should need something in the $4k range.
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Scott McCaul…, Other Pro, Portsmouth, NH
Thu Jul 5, 2012

Closing costs are typically between 2-4%. if you want a second opinion on that rate, please feel free to contact me as 4.5% could be high- depending on the property type, etc... My info is @

Scott McCauley
Licensed Mortgage Planner
Regency Mortgage Corp
NMLS #174108
0 votes
Darrell D. D…, Agent, Schertz, TX
Thu Jul 5, 2012
There are a ton of variances...who is paying the title policy? Is a survey required and who is paying? Is the seller helping with closing cost assistance? Etc...

Your lender should be able to give you an estimate....and, if you want to do some calculations on your own, here is a web-site that may assist with Massachusetts closings:…

Good Luck!
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Louis Wolfs…, Agent, Needham, MA
Thu Jul 5, 2012
Candice this is best answered by your lender who will send you the settlement statement or more commonly refered to as the HUD.

Your cost will vary, but it depends on if you have any points to pay for your mortgage, if not typical closing cost will include, escrow of taxes and insurance (not always insurance), banks title insurance and get your own (good idea) recording fee's and attorney fees.
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