Homebuyers have several fees to cover when closing on a home. Common costs include a mortgage origination fee, property appraisal fee, title search fee, title insurance, and the first year of homeowners insurance. Some of these fees may be negotiable, and the seller might agree to help with them as part of the deal. In total, buyers' closing costs usually add up to around 3% to 6% of the home's sale price.

Are Closing Costs Tax Deductible?

Most closing costs are not tax deductible. The exceptions are mortgage interest (including points) and real estate taxes, and that's only if the buyer or seller itemizes deductions when they file their tax return for the year. However, sellers are allowed to add some of their original closing costs to the adjusted cost basis for their home, which can reduce their tax liability.

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