Torii’s Closing Cost Calculator estimates closing costs and prepaids, and shows how much a home buyer could pay – or could save.

There are at least 16 additional fees you’ll have to pay at closing (when you sign the final papers and get your keys!). They range from underwriting (the fee to the lender for researching whether or not to approve the loan) to a courier (who transports the documents that can’t just be emailed). Those fees can add up, totaling somewhere around $6,800 for a house that costs $500,000.

If you want to find out how much you could have to pay in closing costs and prepaids, try the Closing Cost Calculator. Enter your home price and how much you plan to put for a downpayment, and hit the button. You’ll see something similar to this:

At the bottom of the calculator, you’ll notice that the estimate for prepaids is the same, whether you work with Torii or someone else. This is because a prepaid is just that – money you (as the home buyer) prepay for items like insurance and taxes. Prepaids are often required by a lender if you are putting down less than 20% as a downpayment. The money goes into an escrow account, and the lender lowers its risk because there is money available.

Many first-time home buyers are unaware that closing costs even exist, so it can be surprising to owe thousands more. Try the Closing Cost Calculator and see what you could owe.

Learn more about closing costs and checkout the other Torii Tools available.