Closing Cost Estimator
Enter a home price and select a state to estimate buyer and seller closing costs for Indiana and Michigan real estate transactions.
Estimates are based on typical ranges and midpoint assumptions. Actual costs vary by lender, title company, loan type, and negotiated terms. Not a guarantee of final costs.
What costs are included
Buyer costs
- Loan origination and underwriting fees - charged by your lender, typically 0.5% to 1% of loan amount
- Appraisal fee - typically $400 to $700
- Title search and lender's title insurance - protects the lender; rates vary by title company
- Home inspection - usually $300 to $600
- Recording fees - to record the deed and mortgage
- Prepaid items - homeowner's insurance, property taxes, and interest
Seller costs
- Real estate commissions - negotiable; set by written agreement with your listing agent and, where applicable, the buyer's agent
- Transfer taxes - Michigan charges $8.60 per $1,000 of sale price; Indiana has no state transfer tax
- Owner's title insurance - often paid by seller in northern Indiana; negotiable in Michigan
- Prorated property taxes - credit to the buyer for taxes already paid or owed
- Recording fees for mortgage release
The estimator uses midpoint percentages within typical ranges. Actual costs vary by lender, title company, loan type, and negotiated terms. For a precise net sheet or buyer estimate on a specific transaction, call Worm at 574-240-WORM.
Frequently asked questions about closing costs
What are typical buyer closing costs in Indiana?
Buyer closing costs in Indiana typically range from 2% to 5% of the loan amount. This includes loan origination fees, appraisal, title insurance, inspection, recording fees, and prepaid items like insurance and property tax prorations. Indiana does not have a state transfer tax.
What are typical seller closing costs in Indiana?
Seller closing costs in Indiana typically range from 1% to 3% of the sale price, plus real estate commissions. Sellers pay title insurance in many northern Indiana transactions, plus recording fees for mortgage releases and prorated property taxes.
Does Michigan have a transfer tax?
Yes. Michigan charges a state real estate transfer tax. The state transfer tax is $8.60 per $1,000 of sale price. Some municipalities also charge a local transfer tax. This is typically paid by the seller unless otherwise negotiated.
Can I negotiate who pays closing costs?
Yes. Buyers can ask sellers to pay some or all of their closing costs as part of the offer. Who pays title insurance, transfer taxes, and other fees is often a local custom but is always negotiable in the purchase agreement.
Related resources
Need a precise estimate?
Call or text Worm at 574-240-WORM for a buyer or seller closing cost estimate on a specific property.