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The survey laid most of the blame for relatively high closing costs in Pennsylvania on title insurance. Together, fees for title search and insurance averaged $2,334 in the state for a $250,000 home, 38 percent more than the national average of $1,687, the survey found.
If you're looking for a very rough estimate, according to data from ClosingCorp, the average closing cost in Pennsylvania is $9,440 after taxes, or approximately 3.15% to 4.72% of the final home sale price - the largest expenses are taxes, which account for $6,390 of the average closing cost.
Calculating the amount of your closing costs is to do a simple math equation where you take the sale price of the house and multiply it by the closing cost percentage. So, for example, if a home sold for $300,000 in Pennsylvania with 6% closing costs it would be $300,000 x 6% = $18,000.
Average Closing Costs In Pennsylvania, the average closing cost before taxes is roughly $4,000. After taxes, closing costs can average around $10,000. Overall, you can expect your total closing costs to range between $6,000 and $15,000, depending on the actual value of the home and region of Pennsylvania.
Typically for a buyer, closing costs can be about 5% to 6% of the home's value. In Pennsylvania, the average closing cost before taxes is roughly $4,000. After taxes, closing costs can average around $10,000.
Closing costs typically range from 3%6% of the home's purchase price. 1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it's important to pay close attention to these fees.
So, in most cases, sellers pay as much and maybe more than buyers. Closing costs are paid in cash at the time of closing. You'll pay higher closing costs if you choose to buy discount points and also referred to as prepaid interest points or mortgage points, but the trade-off is a lower interest rate on your loan.
The survey laid most of the blame for relatively high closing costs in Pennsylvania on title insurance. Together, fees for title search and insurance averaged $2,334 in the state for a $250,000 home, 38 percent more than the national average of $1,687, the survey found.
Calculating the amount of your closing costs is to do a simple math equation where you take the sale price of the house and multiply it by the closing cost percentage. So, for example, if a home sold for $300,000 in Pennsylvania with 6% closing costs it would be $300,000 x 6% = $18,000.