Whenever a home is sold there are closing costs.  No matter how you sell the property there will be two sets of closing costs, one for the seller and one for the buyer. 

The buyer's closing costs are different and should be calculated by their mortgage company because they have two main costs.  Those are mortgage/loan closing costs and reimbursing the seller for property taxes paid in advance.

The seller's closing costs are easier for a Realtor to calculate.  The seller has a few main costs, real estate marketing fees (aka commission), title policy, deed stamps, transfer tax.  The seller will also have to pay off any existing loan/lean on the property and will also be reimbursed for any property taxes that were paid in advance beyond the closing date.

Because there are several different calculations I created a speadsheet calculator for you to estimate what your closing costs will be at closing.   In the section "cash at closing" if the number is a negative number you will be bringing money to closing, if not then that is the amount you will receive at closing.

This calculator is more of an estimator, there are many factors involved and some amounts are supposed to be calculated based on your closing date like your mortgage pay off and property tax reimbursement. Each title company is different also, so your title policy amount will change. But over all this will give you a pretty good idea of what you should expect at closing.

Below you will find instructions on how to use the estimator. Then below that you will see two downloadable links.  Right click on the type of file you want to download then select Save As. 

Enter the specifics about the sale in the Data Entry area

Sale Price you should enter the exact amount that the home is sold for, minus any seller concessions amounts.

RE commission is the percentage of the sale price that you agreed to pay when listing your home.

Miscellaneous charges usually include any home warranty, broker document processing fees etc.

Property tax reimbursement when you paid your property taxes you paid them in advance, this is the prorated amount that the buyer has to pay back to you.

Mortgage Pay Off Total this is the amount that you owe your mortgage company to close out your loan on the home.

Download your Closing Cost Estimator

Right click on the file then select save as

Microsoft Excel  -   Michigan Residential Closing Cost Calculator by JeffSellsMIhomes.xls