Wondering how much cash you need beyond your down payment to close on a Cambridge home? You are not alone. Closing costs can sneak up on buyers if you only focus on price and mortgage terms. In this guide, you will learn what Cambridge buyers typically pay, realistic cost ranges, condo fees many people miss, and a simple way to estimate your total. Let’s dive in.

What closing costs cover in Cambridge

Closing costs are the one-time expenses and prepayments due at settlement. In Cambridge and across Massachusetts, they usually include:

• Lender fees. Origination, processing, underwriting, and optional discount points.
• Appraisal. A lender-ordered valuation of the home.
• Inspections. General home inspection plus any specialty checks you choose.
• Attorney and title services. Buyer’s attorney review and the title search.
• Title insurance. Lender’s policy is common, and an owner’s policy is optional but often recommended.
• Recording and government fees. Document recording at the Middlesex County Registry of Deeds and any required municipal items.
• Prepaids and escrows. Property taxes, homeowner’s insurance, and per diem mortgage interest collected at closing.
• Condo and HOA fees. Estoppel or condo certificate, move-in fees or deposits, and any association transfer charges.

Typical cost ranges in Cambridge

Actual costs vary by property type, loan program, and your lender and attorney. The ranges below reflect common Cambridge-area experience.

Lender-related fees

• Loan origination, application, or processing: about 0.25% to 1.0% of the loan amount, or flat fees around $400 to $2,000.
• Underwriting review: often $300 to $800.
• Credit report: typically $25 to $75.
• Rate-lock fee (if charged): about $100 to $500.
• Discount points: optional. Each point equals 1% of the loan amount to lower your rate.

Appraisal

• Most mortgages require an appraisal. For Cambridge single-family homes or condos, expect roughly $450 to $1,000 or more depending on complexity.

Home and specialty inspections

• General home inspection: about $300 to $700.
• Specialty inspections (sewer scope, radon, lead, pest, chimney, structural): $100 to $800 or more each based on scope.

Attorney and title services

• In Massachusetts, attorneys commonly handle closings. Buyer’s attorney fees for a straightforward residential closing often run $800 to $2,500.
• Title search and closing services may be bundled with attorney or title company work.

Title insurance

• Lender’s policy: usually required and commonly paid by the borrower. Expect about 0.2% to 0.8% of the loan amount as a one-time premium.
• Owner’s policy: optional but recommended. Cost is often comparable to the lender’s policy and varies by rate tables. Who pays can be negotiable in Greater Boston. Your attorney or title company can quote exact rates.

Recording and municipal fees

• Document recording at the Middlesex County Registry of Deeds often totals about $25 to $250 or more depending on documents and page counts. Cambridge may also require municipal certificates in some situations.

Transfer taxes and statutory charges

• Transfer tax practices vary by state and city. In many Massachusetts transactions, buyers do not pay a large state transfer tax, though other local charges or negotiated contributions can apply. Confirm specifics with your attorney or the Registry.

Prepaids and escrow reserves

• Property taxes: you may reimburse the seller for prepaid taxes and prepay a share of upcoming taxes based on your closing date.
• Homeowner’s insurance: the first year’s premium is often paid at closing or placed in escrow.
• Mortgage interest per diem: interest from your closing date until your first payment.
• Escrow reserves: many lenders collect about two months of taxes and insurance as reserves. Requirements vary by lender and loan program.

Condo and HOA charges

• Estoppel or condo certificate: typically $150 to $450.
• Move-in or move-out fees and deposits: common in Cambridge buildings. Expect $50 to $500 for fees and refundable deposits of about $250 to $1,000 depending on building rules.
• Association transfer or administrative fees: about $75 to $500. Some items are negotiable.

Local norms that affect who pays

• Attorney involvement. In Cambridge and across Massachusetts, attorneys for buyers and sellers are customary. They handle title review and closing documents.
• Title insurance custom. Lenders generally require a lender’s policy. Owner’s policy payment is negotiable in Greater Boston. Confirm your specific deal with your attorney or title company.
• Recording at the Registry. Deeds and mortgages are recorded at the Middlesex County Registry of Deeds. Fees depend on document type and length. Build in time for recording and obtaining copies.
• Condo prevalence. Many Cambridge homes are condominiums or in multiunit buildings. Plan for estoppel timing, move-in rules, and association fees that can add to your total.

How much to budget

A practical starting point is to budget about 2% to 5% of the purchase price for buyer closing costs, not including your down payment. Urban markets with more condo-related items or complex title work can land near the higher end of that range.

• Example at $600,000: 2% to 5% equals about $12,000 to $30,000.
• Example at $1,000,000: 2% to 5% equals about $20,000 to $50,000.
• For condos, add typical association items like estoppel and move fees, usually another $200 to $2,000 depending on the building.

Itemized illustration at $800,000 purchase (20% down, $640,000 loan)

• Loan origination and processing: about $1,200
• Appraisal: about $650
• Home inspection: about $500
• Attorney and title search: about $1,800
• Lender’s title insurance: roughly 0.4% of the loan, about $2,560
• Owner’s title insurance (if you purchase it): roughly 0.5% of price, about $4,000
• Recording fees: about $150
• Prepaids and escrows: about $4,000 to $8,000 (varies by date and lender requirements)
• Condo estoppel and move-in: about $300

Estimated total: roughly $15,000 to $22,000. That is about 1.9% to 2.8% of the price. Your actual figure can be higher or lower based on title insurance decisions and lender reserve requirements.

Condo costs to plan for in Cambridge

Condo-specific items can be easy to underestimate. Keep these on your radar:

• Estoppel timing. Estoppel or condo certificates confirm account status and are often required for financing. Turnaround can take several days to a few weeks. Order early to avoid closing delays.
• Move-in rules. Many buildings require elevator reservations, proof of insurance from your mover, and specific move hours. Budget for move fees and refundable deposits.
• Transfer or admin fees. Associations may charge administrative or transfer fees at closing. Confirm the amount and who is paying in your purchase and sale agreement.
• Assessment exposure. Review association documents for planned capital projects or special assessments that can affect monthly costs.

Timeline: when you pay what

Closing costs show up at different points from offer to keys. Here is a simple roadmap.

Early in the contract

• Obtain a mortgage pre-approval and ask your lender for a Loan Estimate that outlines projected fees and cash to close.
• Schedule the home inspection quickly. Pay inspectors when services are performed.
• For condos, request the estoppel and association documents right away.

One to three weeks before closing

• Your lender issues a Closing Disclosure at least three business days before settlement. Review it for final fees and the cash-to-close figure.
• Bind your homeowner’s insurance policy to start on or before the closing date.
• Arrange your wire for certified funds. Confirm wiring instructions with the closing attorney or title company by phone to avoid fraud.

At closing and after

• Bring certified funds or wire the balance of your down payment and closing costs.
• The deed and mortgage are recorded with the Middlesex County Registry of Deeds after closing.
• Verify title insurance policies are issued and obtain recording confirmations.

Tips to manage or reduce your costs

• Compare lender fees early. Ask for a detailed Loan Estimate from each lender you consider. Pay attention to origination, underwriting, and rate-lock terms.
• Discuss seller concessions. Some closing costs can be offset with negotiated concessions. This depends on market conditions and your contract strategy.
• Decide on discount points. Paying points increases upfront costs to lower your rate. Your lender can model the break-even timeline.
• Confirm escrow requirements. Ask your lender how many months of taxes and insurance they will collect at closing so you can plan reserves.
• Clarify title insurance. Ask your attorney to explain lender and owner coverage, who pays in your area, and exact premium quotes.
• Order condo paperwork early. Estoppel delays can push closing dates. Starting early helps you avoid rush fees and last-minute surprises.
• Choose a closing date thoughtfully. Your per diem interest depends on the day of the month you close. Your lender can show how this affects prepaids.

Who to contact for exact numbers

• Lender. For your Loan Estimate and final Closing Disclosure with precise lender fees, prepaids, and cash to close.
• Cambridge real estate attorney or title company. For attorney fees, title search costs, and binding title insurance quotes.
• Middlesex County Registry of Deeds. For current recording fees and document requirements.
• Cambridge City Assessor or Treasurer. For property tax cycles, proration rules, and municipal charges.
• Condo or HOA management. For estoppel fees, transfer charges, move-in rules, and deposit policies.

If you want a clean, no-surprises closing in Cambridge, local guidance makes all the difference. With a track record across hundreds of Greater Boston transactions and a steady, client-first approach, Mike Cohen can help you map your costs, negotiate smartly, and close with confidence. Schedule your free home consultation.

FAQs

How much should a Cambridge buyer budget for closing costs?

• Most buyers should plan for about 2% to 5% of the purchase price, with condos sometimes adding $200 to $2,000 for association items.

What closing costs are unique to Cambridge condos?

• Expect an estoppel or condo certificate, possible transfer or admin fees, and move-in fees or deposits tied to elevator scheduling and building rules.

Who pays for owner’s title insurance in Greater Boston?

• The lender’s policy is typically required and paid by the borrower, while the owner’s policy is optional and who pays is often negotiable.

When will I know my final cash to close in Massachusetts?

• Your lender must issue a Closing Disclosure at least three business days before closing that shows your final fees and cash-to-close amount.

Can I finance closing costs or use seller credits?

• Some fees can be financed or offset with negotiated seller concessions, but financing costs increases your loan amount and long-term interest paid.