Buyer Closing Costs – Boston, MA ($1,000,000 price, 20% down payment) 2026

Attorney Fees — $3,000
Buyer Title Insurance — $3,750
Lender Title Insurance — $2,500
Origination Fee – $1,350
Title Closing & Escrow Fee – $1,225
Appraisal Fee – $915
Inspection – $600
Survey – $350
Credit Report Fee – $29
Miscellaneous Costs — $1,000
Total — $14,719 (or 1.47% of the purchase price) after the downpayment of $200,000.

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How much do I need for a down payment and closing costs for a Boston condo?

The total money you need for a down payment and closing costs to purchase a condo in Boston depends on the purchase price and your financing. Closing costs generally range from 2% to 5% of the purchase price. The down payment can range from 3% to 20% or more, depending on your loan type.

For example, on a $797,000 condo (a median price used for calculations in late 2024), here’s an estimate of the costs:

Down Payment:
- 3.5% (FHA loan): $27,895
- 20% (Conventional loan): $159,400
Closing Costs: $15,940 to $39,850 (2% to 5% of the purchase price)

Key factors that influence your costs:

Loan Type: Government-backed loans like VA and USDA may offer 0% down payment for qualifying buyers, while FHA loans can be as low as 3.5%. Conventional loans can require a minimum of 3% to 20% or more.
Avoiding Private Mortgage Insurance (PMI): With a conventional loan, a down payment of less than 20% will require you to pay private mortgage insurance, which increases your monthly payment.
First-Time Homebuyer Programs: The City of Boston offers a First-Time Homebuyer Grant, which can provide financial assistance toward your down payment and closing costs. As of May 2025, eligible buyers could receive up to 5% of the purchase price (max $50,000), but this amount was set to decrease in June 2025.
Negotiations: The amount you pay in closing costs can be negotiated with the seller. This can be more successful in a buyer’s market where there is less competition.
Credit Score: A lower credit score may result in a higher interest rate and a higher down payment requirement.

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