(Map | Courtesy of SmartAsset.com)
Closing costs are a crucial aspect of buying a home, and in its fifth annual study financial technology company SmartAsset shows where they are lowest. The study measures closing costs as a percentage of median home value at the county level and Deschutes County was among those with the lowest closing costs in Oregon.
For a look at how the top counties in Oregon shook out, check out the table below:
Table | Courtesy of SmartAsset.com
Methodology
Buying a home usually requires cash – for both the down payment and closing costs. But where you are buying can have a big impact on how much you will pay in closing costs.
Our study shows closing costs as a percentage of median home value by county. To calculate closing costs we assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20% down payment. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees.
Once we calculated the typical closing costs in each county we divided that figure by the county’s median home value.
Sources: US Census Bureau 2017 5-Year American Community Survey, Bankrate, government websites, smartasset.com
