Closing costs in Michigan
On a $500,000 home with 20% down, buyers in Michigan typically pay about $7,725 to $18,683 at closing, including prepaid taxes and insurance.
Typical buyer total1.5%–3.7%Of the price, 20% down
Closings handled byA title or settlement companyCustomary in the state
Buyer-paid taxesNoneTransfer taxes are seller-paid or not charged
Buyer-paid taxes
| Tax | On $500,000 with 20% down | Note |
|---|---|---|
| None for buyers | $0 | Michigan’s state ($7.50 per $1,000) and county ($1.10 per $1,000) transfer taxes are customarily paid by the seller. |
Estimated closing costs by price
| Price | Loan | Closing costs | Share of price |
|---|---|---|---|
| $300,000 | Conventional, 20% down | $6,175 – $14,290 | 2.1%–4.8% |
| $300,000 | FHA, 3.5% down | $6,449 – $15,053 | 2.1%–5.0% |
| $500,000 | Conventional, 20% down | $7,725 – $18,683 | 1.5%–3.7% |
| $500,000 | FHA, 3.5% down | $8,182 – $19,955 | 1.6%–4.0% |
| $750,000 | Conventional, 20% down | $9,663 – $24,175 | 1.3%–3.2% |
| $750,000 | FHA, 3.5% down | $10,348 – $26,083 | 1.4%–3.5% |
Who pays what in Michigan
Michigan’s state ($7.50 per $1,000) and county ($1.10 per $1,000) transfer taxes are customarily paid by the seller.
Questions
How much are closing costs for buyers in Michigan?
Often about 1.5% to 3.7% of the price with 20% down, including prepaid taxes and insurance.
Do buyers pay transfer tax in Michigan?
No. Michigan’s state ($7.50 per $1,000) and county ($1.10 per $1,000) transfer taxes are customarily paid by the seller.
More for Michigan
Sources: Michigan State Real Estate Transfer Tax Act (MCL 207.521). Fees are typical ranges, not quotes; your Loan Estimate lists the actual costs.