How much are closing costs in Rhode Island?

For a buyer in Rhode Island, closing costs typically run about 2 to 4 percent of the purchase price, though the exact figure depends on your loan, price point, and lender. On a $400,000 home that is roughly $8,000 to $16,000, separate from your down payment. The biggest line items are lender and origination fees, the closing attorney (Rhode Island closings are handled by an attorney), title insurance, a title search, recording fees, and prepaid items like homeowners insurance and property tax escrow. Sellers in Rhode Island have their own costs, the largest being the real estate commission and the state conveyance tax of about $2.30 per $500 of price (roughly 0.46 percent), which the seller customarily pays. Rhode Island differs from Massachusetts on who customarily pays certain items, so if you are buying near the border it is worth comparing. The best way to avoid surprises is to get a Loan Estimate from your lender early and have your agent review it. For an itemized number tailored to your price and down payment, use the buyer closing cost estimator, and read the full breakdown in closing costs in Rhode Island.