Boston Real Estate for Sale

What are the closing costs for $900,000 mortgage?

What are the closing costs for $900,000 mortgage?

Boston Condos for Sale & Back Bay Condos 

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What are the closing costs for $900,000 mortgage?

Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
 
Boston, MA For a $900,000 mortgage, you should budget between $18,000 and $45,000 in total closing costs.
In Massachusetts, buyers typically pay between 2% and 5% of the home’s purchase price. While some lean toward a 2.44% average, the competitive Boston market often sees higher totals due to local service fees and the standard requirement for attorney involvement.
 
Estimated Cost Breakdown
 
Based on a $900,000 purchase price, here is a ballpark of what to expect:
  • Lender Fees ($4,500 – $9,000): This covers origination, underwriting, and credit reports, typically totaling 0.5% to 1% of the loan amount.
  • Prepaid Items ($8,000 – $15,000): Often the largest cash-upfront category, including:
    • 12 months of homeowners insurance.
    • 2 to 6 months of property tax escrow.
    • Daily interest from the closing date to your first payment.
  • Title Services & Insurance ($3,500 – $8,000): Includes the title search and insurance premiums. Combined policies in Greater Boston usually fall between 0.4% and 0.9% of the price.
  • Attorney Fees ($800 – $2,500): Massachusetts is an “attorney state,” meaning a real estate lawyer is required to handle the closing and title work.
  • Third-Party Fees ($1,500 – $3,000):
    • Appraisal: $500 – $1,200 (higher for complex Boston condos).
    • Home Inspection: $500 – $1,000.
    • Recording Fees: $50 – $300 for the Registry of Deeds (Suffolk County for most of Boston).
       
 
Key Factors for Boston Buyers
  • Transfer Taxes: In Massachusetts, the seller traditionally pays the “Tax Stamps” ($4.56 per $1,000), so this is typically not a buyer cost unless negotiated otherwise.
  • Mansion Tax: While Boston has discussed a “luxury” or “mansion” tax on high-value transfers, as of early 2026, standard state rates apply to a $900,000 transaction.
  • Escrow Variation: Your “Cash to Close” will fluctuate significantly based on the time of year you close, as this changes how many months of property taxes must be prepaid.
     
Would you like a more detailed look at the monthly payment for a $900,000 loan at current Boston rates? For more information contact John Ford at 617-595-3712 or visit our websites Ford Realty or Bostonreb.com
 
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