Closing Cost Calculator for New Jersey: Seller Averages
This free calculator can help home sellers in New Jersey estimate their closing costs and net proceeds. To get a ballpark idea of the cost of selling a house in the Garden State, enter the information for each of the input fields above. You can see typical or state averages for most New Jersey seller closing costs below.
Home Selling Price: $560,000
How does your home compare to the state’s median selling price of $560,000? To determine your listing price, you can:
- Get a preliminary estimate with HomeLight’s free Home Value Estimator
- Request a Comparative Market Analysis (CMA) from a top New Jersey agent
- Purchase a pre-listing home appraisal (typically $600 in New Jersey)
- Visit this HomeLight map link to compare recently sold homes in New Jersey
Mortgage Payoff Amount: $284,820
According to the credit experts at Experian, the average mortgage balance for New Jersey homeowners is $284,820. To find your exact payoff amount, check your latest mortgage statement or contact your mortgage servicer.
Listing Agent Fee: $14,000–$16,800
A typical listing agent commission in New Jersey is 2.5% to 3% of the home’s selling price. On a $560,000 house, your agent’s fee might range from $14,000–$16,800.
Get the Highest Proceeds: HomeLight data shows that the top 5% of agents sell homes faster and for up to 10% more than average agents. Try HomeLight’s free Agent Match platform to consult with the highest-performing agents in your New Jersey market.
Buyer’s Agent Fee: $14,000–$16,800
In the past, sellers covered both the listing agent and the buyer’s agent fees. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers, on a $560,000 median-priced New Jersey home, you can expect to pay $14,000–$16,800.
Detailed Closing Costs: $9,520
Closing costs in New Jersey average about 1.7% of the home’s sale price. On a median-priced home of $560,000, you might pay $9,520. Below are some of the typical types of closing costs you can expect:
- Home Preparations: Consider focusing on curb appeal. Landscaping the property, cleaning up the interior, and staging it, can create a great first impression.
- Renovations/Repairs: Repairing and modernizing the home to meet buyer expectations or inspection requests will help it compete with market conditions.
- Title Service Fees: This is title company work required to verify legal ownership and help manage the transfer of the property. This is typically paid for by the buyer in New Jersey.
- Owner’s Title Insurance: A one-time insurance premium paid by the seller to protect the buyer from title issues or ownership disputes. New Jersey buyers traditionally take on this fee.
- Transfer Taxes: New Jersey home sellers pay a transfer tax rate based on the sale price of the property. (See more below.)
- Recording Fees: Fees paid to the local government to officially record the change in property ownership.
- Buyer Incentives: Credits or concessions you might offer buyers, such as paying the buyer’s agent fees or offering a rate buydown.
- Other Costs: Miscellaneous expenses not covered in other categories, such as attorney fees and HOA transfers. (An attorney is not required to sell a house in New Jersey.)
- Moving Expenses: While not technically a closing cost, you should include this expense in your budget, which can range from $883 to $7,000.
In New Jersey, the seller typically pays transfer taxes, also known as the Realty Transfer Fee (RTF).
New Jersey has several different tiers for its transfer taxes, all dependent upon how much the property is sold for. See the tables below to get an idea of what you might owe, and adjust our calculator accordingly to get a better estimate of your transfer tax burden. There are also different tiers that can qualify for full or partial exemptions.
Total Consideration not Over $350,000
| Consideration Over | But not over | Rate/$500 |
| $0 | $150,000 | $2.00 |
| $150,000 | $200,000 | $3.35 |
| $200,000 | $350,000 | $3.90 |
Total Consideration Over $350,000
| Consideration Over | But not over | Rate/$500 |
| $0 | $150,000 | $2.90 |
| $150,000 | $200,000 | $4.25 |
| $200,000 | $550,000 | $4.80 |
| $550,000 | $850,000 | $5.30 |
| $850,000 | $1,000,000 | $5.80 |
| $1,000,000* | $6.05 |
Additionally, in New Jersey, the home buyer generally pays for both the lender’s and owner’s title insurance policies at closing. Sellers can offer to pay for these as a concession, however.
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