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Buyer closing costs and cash to close in Michigan
See what you will likely need on closing day: your down payment, the lender and title fees, and the prepaid interest, insurance and taxes. In Michigan the seller usually pays the transfer taxes and the owner's title policy, so those show as $0 for you.
Estimated cash to close
$27,974
Likely range $23,357 to $32,729
- Estimated monthly payment
- $3,001
- Loan amount
- $332,500
Cash to close, itemized
| Down payment (5%) | $17,500 |
| Closing costs | |
|---|---|
| Lender fees (origination, underwriting, processing) | $3,325$1,663 to $4,988 |
| Appraisal | $650$500 to $800 |
| Credit report, flood certification, tax service | $275$150 to $400 |
| Title and settlement fees | $1,050$700 to $1,400 |
| Lender’s title policy | $748$499 to $998 |
| Owner’s title policySeller customarily pays in Michigan. | $0 |
| State and county transfer taxesSeller customarily pays in Michigan. | $0 |
| Recording fees | $60$30 to $90 |
| Closing costs subtotal | $6,108 |
| Prepaids | |
| Prepaid interestAbout 17 days of interest if you close mid-month. | $1,146$337 to $2,090 |
| Homeowners insurance, first year | $1,470$1,103 to $1,838 |
| Property tax escrow2 to 6 months of taxes held by the lender. | $1,750$875 to $2,625 |
| Prepaids subtotal | $4,366 |
| Cash to close | $27,974 |
In Michigan the seller customarily pays the state and county transfer taxes (about $3,010 on this price) and the owner’s title policy, so they show as $0 to you.
Monthly payment
- Principal and interest
- $2,302
- Property tax
- $438
- Homeowners insurance
- $123
- Private mortgage insurance
- $139
- Total
- $3,001
Assumptions
Every default in this calculator, so you can see exactly what the numbers rest on. Change any input to match your own situation.
- 30-year fixed loan; the rate is the current published Freddie Mac 30-year average unless you change it. FHA and VA loans can price a little differently.
- Lender fees (origination, underwriting, processing): 0.5% to 1.5% of the loan. Estimate.
- Appraisal: $500 to $800. Other lender fees (credit report, flood certification, tax service): $150 to $400. Estimates.
- Title and settlement fees paid by the buyer: $700 to $1,400, plus the lender’s title policy at 0.15% to 0.30% of the loan. Estimates.
- Recording fees: Michigan charges a flat $30 per recorded document; we allow one to three documents ($30 to $90).
- Michigan transfer taxes (state $3.75 and county $0.55 per $500 of price, about 0.86%) and the owner’s title policy are customarily paid by the seller, so they show as $0 for you unless you switch the owner’s policy on.
- Prepaid interest assumes you close on the 15th of the month you pick. The range runs from 5 days to the full month.
- First-year homeowners insurance uses the site’s shared estimate (about $35 a month per $100,000 of price), plus or minus 25%.
- Property tax escrow: 2 to 6 months collected at closing, 4 as the likely figure. Property tax uses the site’s shared estimate of 1.5% of price a year.
- FHA: upfront mortgage insurance of 1.75% of the loan, financed into the loan, plus annual mortgage insurance of 0.55% (under 5% down) or 0.50%, charged monthly.
- VA: funding fee of 2.15% (first use, under 5% down), 1.5% (5% to under 10% down) or 1.25% (10% or more down); 3.3% for later use with under 5% down. Financed into the loan. Waived for some veterans.
- Conventional loans with under 20% down use the site’s shared private mortgage insurance estimate (0.5% of the loan a year).
- VA: the seller may pay your customary closing costs; extra concessions beyond that are limited to 4%.
- Seller concessions are capped by loan type (conventional 3% to 9% of price by down payment, FHA 6%) and cannot exceed your closing costs and prepaids.
These figures are estimates for planning only. They are not a loan offer, a Loan Estimate, or a commitment to lend, and your actual costs, rate and payment will differ. Ask a lender for a Loan Estimate for exact numbers.
Want real numbers for your situation?
Talk to an agent about your plans, or get pre-approved with a local loan officer.