What this calculator does
This calculator estimates closing costs for both sides of a Chicago home sale, separating lender and title fees from government taxes. Chicago stacks four transfer taxes: the city's $3.75 per $500 paid by the buyer, the CTA portion of $1.50 per $500 paid by the seller, and Cook County ($0.25) and Illinois ($0.50) per $500, customarily paid by the seller. Together they are about 1.2% of the price.
How to use it
- Enter the price and down payment.
- Keep or adjust the fee estimates — your lender's Loan Estimate lists the real ones.
- Tick any local options that apply.
- Check the seller side if you are selling, or to understand what the other party pays.
The formula
Buyer costs = lender fees (a % of the loan) + title and settlement (a % of price) + fixed fees + prepaid escrow + buyer-side government taxes. Seller costs = commission + other costs + seller-side government taxes. Government taxes come from the Chicago rules in the site's tax engine.
Worked example for Chicago
| Item | Amount |
|---|---|
| Lender fees and points (1% of loan) | $2,800 |
| Title insurance, settlement and escrow (0.6%) | $2,100 |
| Appraisal, inspection, recording and other fees | $1,800 |
| Prepaid property tax escrow (3 months) | $1,662 |
| Chicago transfer tax ($3.75 per $500) | $2,625 |
| Buyer total | $10,988 |
| Agent commissions (5%) | $17,500 |
| Other seller costs | $1,500 |
| Chicago CTA portion ($1.50 per $500) | $1,050 |
| Cook County transfer tax ($0.25 per $500) | $175 |
| Illinois transfer tax ($0.50 per $500) | $350 |
| Seller total | $20,575 |
Estimated buyer closing costs: $10,988 (3.1% of the price · seller costs about $20,575).
What drives closing costs in Chicago
In Chicago, government transfer and recording taxes add $4,200 to this sale, $2,625 of it on the buyer's side. Lender and title charges scale with the loan and price, which is why they are the other big pieces. Prepaid escrow is not a fee — it is your own property tax money collected up front.
Title insurance pricing also varies: title premiums in Illinois are filed by insurers and can differ, so compare quotes.
Common mistakes and tips
- Confusing prepaid escrow with fees — escrow is your own tax and insurance money.
- Comparing lenders only by rate; compare the Loan Estimate's total costs.
- Forgetting that commissions are negotiable and, since 2024 industry changes, buyer-agent pay is often negotiated separately.
- Missing a local tax break available in Chicago — see the special tools for Chicago.
Frequently asked questions
How much are closing costs in Chicago?
For the default price on this page, buyer costs come to about $10,988, or 3.1% of the price.
Who pays transfer tax in Chicago?
Both sides. The buyer pays the City of Chicago's $3.75 per $500, while the seller usually pays the CTA portion plus the Cook County and Illinois taxes. On a typical sale, the buyer's city tax is the largest single piece.
What is on the Closing Disclosure?
The final list of loan terms and costs, delivered at least three business days before closing. Compare it with your Loan Estimate.
Can closing costs be rolled into the loan?
Some can be covered by seller credits or a higher rate with lender credits, but government taxes and prepaid items are usually paid in cash.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.