A Home Buyer’s closing costs in New Jersey typically range from 2 to 3 percent of the homes sale price. The majority of the expenses below are paid at closing. The Buyer’s Closing Costs list below is only an approximation of the costs a buyer may encounter when buying a home in New Jersey. It is not an exhaustive list. The actual costs incurred may vary by provider.
If you will be getting a mortgage to finance your home purchase, you may also want to check out my mortgage calculator for an approximate mortgage payment per month, as well as your approximate costs over the life of the mortgage. For more information about the mortgage process and your mortgage options, go to the Prosperity Mortgage website.
For more information on the Home Buying Process, please give me a call at 908-656-1782.
Legal Fees and Title Costs
| Attorney Fee | $1500 to $2,200 | |
| Survey | $450 to $800 | |
| Recording Fees (Mortgage & Deed) | $200 to $300 | |
| Title Search/Policy Endorsements | $250 to $300 | |
| Title Insurance Premium | Check with attorney or lender | |
| Miscellaneous Fees | Check with attorney |
Mortgage Costs
| Application Fee (with Credit Report) | $300 to $600 | |
| Appraisal | $400 to $600 | |
| Miscellaneous Mortgage Costs | $100 to $600 (Varies, check with your lender) | |
| PMI or Private Mortgage Insurance | Check with your lender | |
| Points | Check with your lender |
Points are a fee to the lender to “buy down” the interest rate on a mortgage.
1 point = 1% of mortgage. For example, 1 point on a $800,000 mortgage = $8,000
Inspection Costs
| Home Inspection | $300 to $900 | |
| Radon Inspection | $120 to $300 | |
| Wood Destroying Insect Inspection | $75 to $150 | |
| Septic Inspection (if applicable) | $750 t0 $1,000 | |
| Oil Tank Inspection (if applicable) | $395 to $500 |
Additional inspections if needed such as Asbestos, Mold, Chimney, or structural engineer. Costs vary.
Additional Expenses
| Homeowner’s Insurance (1 year prepaid) | Check with insurance provider | |
| Homeowner’s Insurance – up to 2 months escrow | Check with attorney or lender | |
| Property Taxes – up to 3 months escrow | Check with attorney or lender | |
| Mansion Tax (If applicable) | Check with attorney |
The NJ Mansion Tax on residential properties is 1% of the total consideration, if the purchase price exceeds $1,000,000.
