Michigan Closing Costs Calculator
Estimate closing costs for buying a home in Michigan. Average closing costs run 1.5% of the purchase price (about $4K on the median home).
Michigan: Avg closing costs 1.5% of price. Transfer tax: 0.86%.
Lender Fees
$2,153
origination, underwriting
Third-Party
$2,650
appraisal, title, inspection
Government Fees
$2,064
transfer taxes, recording
Prepaids + Escrow
$4,525
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$1,728
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,500
Recording Fee$150
Transfer Tax$2,064
Prepaid Taxes (3 mo)$924
Prepaid Insurance (12 mo)$1,800
Prepaid Interest (15 days)$577
Escrow Reserves$1,224
Total Closing Costs$11,392
Michigan Housing at a Glance
Median Home Price
$240K
Michigan statewide
Property Tax Rate
1.54%
$308/mo on median
Avg Closing Costs
$4K
1.5% of purchase price
Homeowners Insurance
$1,800/yr
$150/mo
Michigan First-Time Buyer Program
MSHDA DPA
Down payment assistance: Up to $7,500 DPA