Advanced Ohio Closing Cost Calculator

Closing costs in Ohio are fees paid at the closing of a real estate transaction, typically ranging from 2% to 5% of the home’s purchase price. These include lender fees, title insurance, appraisal fees, property taxes, recording fees, and transfer taxes. Ohio generally has moderate closing costs compared to other U.S. states.

Both buyers and sellers pay closing costs in Ohio, but buyers typically pay the majority. Buyers pay for loan-related fees, title insurance, appraisal, and inspection. Sellers usually pay the real estate agent commissions, transfer taxes, and possibly some buyer concessions. The allocation can be negotiated in the purchase agreement.

The model year input allows you to account for changes in property tax rates, recording fees, and other cost components that may vary by year. For example, Ohio property tax rates are recalculated periodically, and some counties adjust fees annually. Selecting the correct year ensures your calculation reflects current rates.

Yes, some closing costs can be financed in Ohio by rolling them into your mortgage loan, which increases your loan amount. However, not all costs can be financed – prepaid items like property taxes and homeowners insurance typically must be paid upfront. Some lenders also offer “no-closing-cost” mortgages with higher interest rates.

Ohio ranks in the middle range for closing costs compared to other U.S. states. States like New York, California, and Washington D.C. have the highest closing costs (4-6% of home price), while states like Missouri, Indiana, and Kentucky have some of the lowest (1.5-2.5%). Ohio’s average of 2-3% reflects its moderate tax and fee structure.