Commercial mortgage closing costs calculator
Only some closing costs are published. On an illustrative $10,000,000 FHA 223(f) loan with $250,000 of required repairs, HUD's own fees are a $30,000 application fee, a $2,500 repair inspection fee and a $25,000 upfront premium. Freddie Mac charges $5,000 to apply for a $5,000,000 Conventional Small loan. Appraisal, reports, title and legal are market-priced, so the calculator leaves them for your quotes.
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Estimated closing costs
$57,500
–
Estimate from your inputs. Published fees as of the dates in Sources; market-priced items are yours.
Get a quote with these numbersYour numbers stay in this browser until you send the request. Janover Capital LLC arranges financing; it is not a lender.
Published fees, and what each is charged on
| Program | Fee | Amount |
|---|---|---|
| FHA 223(f) | Application-commitment fee | $3 per $1,000 of the requested mortgage (0.30%)1 |
| FHA firm commitment | Total application-commitment fees, cap | Up to $5 per $1,000 of the mortgage (0.50%) in total application-commitment fees1 |
| FHA 223(f) | Repair inspection fee | 1% of the cost of required repairs (HUD may set a higher minimum)1 |
| FHA under MAP | Application (exam) fee | $3 per $1,000 of loan (0.30%)2 |
| FHA 223(a)(7) | Application fee | $1.50 per $1,000 of loan (0.15%)2 |
| FHA multifamily | Upfront mortgage insurance premium | 0.25% upfront, capitalized into the loan3 |
| FHA multifamily | Lender financing and placement fees, cap | Up to 3.5% of the loan (5.5% in bond deals)2 |
| Freddie Mac Conventional Small | Application fee | 0.1% of the loan amount4 |
| Freddie Mac fixed-rate | Application fee | Greater of $2,000 or 0.1% of the loan amount5 |
| SBA 504 | CDC processing fee, cap | Up to 1.5% of the net debenture6 |
| SBA 504 | Funding fee | 0.25%6 |
| SBA 504 | Underwriter fee | 0.40% on 20- and 25-year debentures, 0.375% on 10-year6 |
| SBA 504 | SBA upfront guaranty fee | 0.50%7 |
| SBA 504 | Participation fee on the bank loan | 0.50% of the bank loan, one time6 |
| SBA 504 | CDC closing fee that may be financed | Up to $10,000 financed from debenture proceeds6 |
SBA's FY 2027 waiver: SBA's upfront and annual 504 fees are waived in FY 2027 for manufacturers (NAICS 31-33), designated food supply chain industries and businesses in rural areas7.
The costs nobody publishes
No regulator or agency publishes a typical price for an appraisal, a Phase I environmental report, a property condition report, a survey, title insurance or legal work. They depend on the property, the state and the size of the loan, and lender legal fees in particular vary widely. Ask each provider for a quote and enter it above; that is more honest than any rule of thumb. What the rules do fix is the scope:
- Appraisal. $500,000 or less: a bank may use an evaluation instead of a full appraisal8. Agency and CMBS loans always need a full appraisal.
- Environmental. ASTM E1527-21 is the Phase I standard EPA recognizes for all appropriate inquiries; E1527-13 could be used only until February 13, 20249. A Phase I must be done within 1 year before acquisition, with interviews, lien and records searches and site visit updated within 180 days10. Fannie Mae's rule: Fannie Mae loans require a Phase I ESA of the entire property under the current ASTM E152711.
- Small agency loans. Fannie Mae's small-loan program cuts report costs: Streamlined inspection and environmental screening (ASTM E-1528-14) instead of full reports12.
Worked example
Illustration: a $10,000,000 FHA 223(f) loan with $250,000 of required repairs. Application-commitment fee $30,000 ($3 per $1,000), repair inspection fee $2,500, upfront premium $25,000 (capitalized into the loan). HUD's total application-commitment fees cannot exceed $50,000, and the lender's financing and placement fees are capped, not fixed, so they come from the lender's quote.
Edge cases
- Rate lock and deposit fees are often refundable at closing; enter them under "other" only if they are not.
- Prepaying the old loan is not a closing cost in this calculator; price it with the prepayment calculator and add it to the payoff.
- Escrows and reserves (taxes, insurance, replacement and repair reserves) are your money held by the servicer, not fees, but they still need cash at closing.
Method and formula
per-$1,000 fee = loan / 1,000 x dollars percent fee = basis x percent / 100 (loan, repairs, debenture or bank loan, as the fee states) Freddie Mac fixed application fee = max(minimum, loan x percent) total = published fees + your quoted costs; caps ("up to") listed but not added
Questions people ask
How much are closing costs on a commercial mortgage?
There is no published average. The agency and government fees on this page are fixed by rule; the rest (lender origination, appraisal, environmental and property condition reports, survey, title insurance, legal) are priced deal by deal and vary with loan size, property and state. Get them quoted and enter them here.
Can closing costs be financed?
Sometimes. FHA capitalizes the upfront mortgage insurance premium into the loan, SBA 504 lets part of the CDC fees come out of the debenture, and many lenders let costs count toward the loan if leverage allows. Otherwise they are cash at closing.
Why is an appraisal required on one loan and not another?
Banks may use a cheaper evaluation instead of a full appraisal on smaller commercial loans under the federal threshold. Agency, CMBS and life company loans always need a full appraisal.
Related tools and guides
Sources
- 24 CFR 200.40, HUD fees, eCFR, as of October 29, 2026
- HUD MAP Guide 4430.G (2020 MAP Guide, revision March 2021), as of March 19, 2021
- HUD Federal Register notice FR-6522-N-02 (90 FR 45789), Changes in Mortgage Insurance Premiums Applicable to FHA Multifamily Insurance Programs, as of September 23, 2025
- Freddie Mac Multifamily, Optigo Conventional Small product sheet (4/26), as of April 2026
- Freddie Mac Multifamily, Optigo Fixed-Rate Loans Term Sheet, as of April 2026
- SBA SOP 50 10 8.1, Lender and Development Company Loan Programs (effective Oct 1, 2026), as of October 1, 2026
- SBA Information Notice 5000-881796, 504 Fees for Fiscal Year 2027, as of October 1, 2026
- 12 CFR 34.43, Appraisals required (OCC), eCFR, as of October 29, 2026
- 40 CFR 312.11, All Appropriate Inquiries references, eCFR, as of October 29, 2026
- 40 CFR 312.20, All Appropriate Inquiries timing, eCFR, as of October 29, 2026
- Fannie Mae Multifamily Selling and Servicing Guide, Part II, Section 504 Environmental Matters, as of October 26, 2026
- Fannie Mae Multifamily, Small Mortgage Loan Program Term Sheet, retrieved November 1, 2026
How we check figures: methodology and editorial policy.
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