Tennessee buyer closing costs and cash to close
A Tennessee buyer pays about $7,428 in closing costs on a $280,000 home with 20% down. That is 2.7% of the price. Prepaids add about $2,963. Cash to close is about $65,554.
See the lender fees, title, mortgage taxes, prepaids and down payment on a typical home loan.
Free Tennessee buyer cash to close calculator
Change any number and the local costs update.
| Realty transfer tax | $1,036 |
| Mortgage recordation tax | $255 |
| Deed recording fee | $12 |
| Mortgage recording fee | $40 |
| Down payment (20%) | $56,000 |
| Title insurance and settlement | $2,135 |
| Lender fees | $3,950 |
| Prepaids and escrow reserves | $2,963 |
| Property tax credit from seller | −$838 |
| Estimated cash to close | $65,554 |
- Closing costs on $280,000
- About $7,428
- Owner's title policy
- Buyer pays
- Cash to close, 20% down
- About $65,554
How much are buyer closing costs in Tennessee?
About $7,428 on a $280,000 home with a $224,000 loan. That is 2.7% of the price. Prepaids add about $2,963. $280,000 is close to the typical Tennessee home value (the Census median, weighted by county).
| Line | Buyer |
|---|---|
| Down payment (20%) | $56,000 |
| Realty transfer tax | $1,036 |
| Mortgage recordation tax | $255.30 |
| Owner's title insurance policy | $985 |
| Lender's title insurance policy | $200 |
| Lender-required endorsements | $150 |
| Settlement / closing fee | $350 |
| Survey | $450 |
| Deed recording fee | $12 |
| Mortgage recording fee | $40 |
| Loan origination (1%) | $2,240 |
| Appraisal | $550 |
| Credit report | $60 |
| Underwriting / processing | $995 |
| Flood certification | $25 |
| Tax service fee | $80 |
| Closing costs | $7,428.30 |
| Prepaid interest | $1,236.60 |
| Homeowner's insurance (12 months) | $1,120 |
| Insurance escrow reserve (2 mo) | $186.67 |
| Property tax escrow reserve (3 mo) | $420 |
| Prepaids and escrow reserves | $2,963.27 |
| Property tax credit from seller | −$837.70 |
| Estimated cash to close | $65,553.87 |
Run it with your own numbers. Pick the county, loan type, rate and closing date.
Does Tennessee tax the buyer's mortgage?
Yes. Tennessee taxes the new mortgage: Mortgage recordation tax at $0.115 per $100 over $2,000. On the $224,000 loan above, that adds about $255 to the buyer's side. Cash buyers do not pay it.
What does a buyer pay at closing in Tennessee?
The buyer pays the lender fees and the lender's title policy. The buyer usually pays for the owner's title policy in Tennessee. Commonly buyer in Tennessee; negotiable. In Tennessee, each title insurer files its own rates. So prices differ between title companies. The net sheet uses typical rates. The title company that runs the closing gives the final quote.
Tennessee buyer closing cost questions
How much are buyer closing costs in Tennessee?
About $7,428 on a $280,000 home with 20% down. That is 2.7% of the price. Prepaid insurance, interest and escrow add about $2,963. Cash to close is about $65,554. That counts the $56,000 down payment and takes off the seller's $838 tax credit.
Does the buyer pay transfer tax in Tennessee?
Yes. The buyer usually pays the realty transfer tax. See the Tennessee seller net sheet page for the rates.
What mortgage taxes does a Tennessee buyer pay?
Tennessee charges the mortgage recordation tax ($0.115 per $100 over $2,000). On a $224,000 loan that is about $255. The buyer pays it.
Who pays for the owner's title policy in Tennessee?
The buyer usually pays for the owner's title policy in Tennessee. Commonly buyer in Tennessee; negotiable.
What is the difference between closing costs and cash to close?
Closing costs are the fees and taxes for the loan, title and recording. Cash to close is all the money you bring. It adds your down payment. It adds prepaids, like home insurance, interest and escrow. Then it takes off credits. Those include the seller's property tax credit and the earnest money you already paid.
Give your buyer a cash-to-close estimate.
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