For Michigan homebuyers
Buyer Estimate Sheet
A plain-English breakdown of what buyers typically pay at the closing table — whether you are paying cash, buying on a land contract, or financing with a mortgage.
Estimate your closing costs
Printed on your estimate so the figures match your transaction.
Selling Agent Commission
Since the 2024 settlement, the buyer's agent commission is negotiated separately and is often paid by the buyer at closing. Enter the rate you agreed to and we add it to the estimate; leave blank if none.
The compliance fee is a flat dollar amount the buyer's agent or brokerage charges on top of the commission. Enter it if your agreement includes one; leave blank if none.
Property Taxes
Taxes are prorated at closing. Enter the annual amounts and your closing date and we split them to the day.
The bills haven't been paid yet, so the proration runs on the calendar year: the seller credits you for the days already passed from January 1 through the day before closing, and that credit reduces your cash to close.
The seller has paid these ahead: you reimburse the seller for your share of the days remaining after closing — city/township taxes through June 30, county taxes through November 30 — prorated daily on a 365-day year.
Down payment / cash toward price: $0.00
Estimated cash to close
Enter a purchase price to see your itemized estimate.
Two Ways to Buy
Paying Cash or Buying on a Land Contract
Without a lender, there are no loan fees, no escrow prepaids, and no lender's title policy. Your costs come down to title services, recording, and any costs you agree to split or cover in the contract.
Getting a Mortgage
Financing adds lender charges, prepaid items, and escrow setup on top of the title work. The lender's Loan Estimate lists their fees, and the table below shows typical Michigan ranges so nothing comes as a surprise.
Typical Lender Closing Fee Structure (Michigan)
These are the charges a Michigan mortgage lender commonly bills at closing. Every lender sets its own amounts, and your official Loan Estimate will list yours exactly — the ranges below are what buyers in our market most often see.
| Fee | Typical Range | What It Covers |
|---|---|---|
| Loan origination fee | 0.5% – 1% of the loan amount | The lender's charge for originating the loan. Some lenders fold this into a flat fee instead. |
| Underwriting / processing fee | $795 – $1,095 | Covers the lender's file review, underwriting, and loan processing. |
| Appraisal | $450 – $650 | Independent valuation of the property required by the lender. |
| Credit report | $30 – $75 | Pulled by the lender, often for each borrower on the loan. |
| Flood certification | $10 – $25 | Confirms whether the property sits in a FEMA flood zone. |
| Tax service fee | $75 – $125 | A third-party service that monitors property tax payments for the lender. |
| Wire / funds transfer fee | $25 – $35 | Charged when the lender wires your loan funds to closing. |
| Prepaid interest | Varies by closing date | Daily interest from the closing date until your first monthly payment is due. |
| First-year homeowner's insurance | Typically $800 – $1,500 | Most lenders require the first year's premium paid at or before closing. |
| Property tax escrow setup | 2 – 6 months of taxes | The lender collects months of taxes up front to open your escrow account. |
| Mortgage insurance (PMI) | If down payment is under 20% | Monthly premium added to your payment; some loan types also charge an upfront premium. |
| Mortgage recording fee | About $30 plus $3 per page | Michigan register of deeds charge to record the mortgage lien. |
Title-related charges (owner's policy, lender's policy, settlement fee, and title search) are billed by Select Title Company, not the lender — see the title fees section below.
Title Fees
The title work is handled by us — and it is the part we can quote for you precisely. Title premiums are based on the sale price and policy type, so the exact figures depend on your transaction.
Owner's Title Insurance Policy
One-time premium protecting your ownership. Paid by the buyer or seller as negotiated — in Michigan it is customarily the seller's cost.
Lender's Title Insurance Policy
Required when you finance. Protects the lender's interest in the property.
Settlement / Closing Fee
Select Title Company's charge for conducting your closing and handling the funds.
Title Search and Exam
The underlying search work that makes both policies possible.
Ready for Your Numbers?
We can put real figures on every line — title premiums, closing fees, and prorations. Get an instant quote, or talk with our closing team about your specific transaction.