Escrow fees vary greatly, depending on where you live and your home’s purchase price. Most of the time, the escrow officer calculates buyers’ and sellers’ fees separately. Escrow costs are usually included at closing and go toward the total closing cost amount (typically between 2% and 5% of the purchase price). If you break it out, the initial escrow payment required at closing is around 1%.
For example, let’s say your home’s purchase price is $300,000. There might be a base fee of $500 plus a $2 fee per $1,000, which equals $1,100. The buyer and the seller would both be charged this fee, which equals $2,200.