How much are closing costs?
Congratulations!! If you're reading this article, it must mean you or your client are considering searching for or listing a home. While it's an exciting time, it's also best to be prepared financially when it comes to buying or selling the largest investment of your life. Whichever side of the transaction you're on, we're here to help you prepare with an estimate of your closing costs.
How much do I pay in closing costs in the state of New Hampshire? How much in Maine? How and when do I pay my closing costs?
All great questions! And important ones, too, if you're embarking on the journey to home ownership. Closing costs are paid at your closing - most buyers bring one single certified bank check that includes their down payment and closing costs.
In New Hampshire and Maine, your closing costs will include the following:
Settlement fee - that is your title company's fee for handling the transaction
Transfer taxes - taxes paid to the state on the transfer of the property; these are paid by both seller and buyer in ME and NH
Recording fees - fees charged by the county's registry of deeds to get your deed and/or mortgage on record
Lender's and owner's title insurance policies - these policies protect you and your lender from claims against your ownership in the property. Learn more here!
Some of these fees differ slightly depending on whether you are buying with or without a mortgage or whether you are buying or refinancing. They also differ between states. For example, Maine's transfer tax is less than New Hampshire's.
To see a closing cost breakdown customized to your state, purchase price and/or loan amount, check out our buyer and borrower cost calculators here.
How much do I have to pay in closing costs as the seller? How much will I make on my house after closing? What will my net proceeds be?
Glad you asked! Our website is now also equipped with seller net proceeds calculators for home sales in New Hampshire and Maine. The primary closing costs typically associated with selling include any real estate commissions, payoffs and payoff fees, transfer taxes, final water/sewer/HOA bills, a deed preparation fee, and discharge tracking fees. These fees can differ depending on the specifics associated with your home and what you owe on it.
Our seller net proceeds calculator can guide you through the costs you may not have thought of, and get you an estimate for how much you'll have in pocket after the sale of your home.