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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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downpayment and closing costs
Dh and I have started a housing account for a new house.$380K will be our max budget. What is a realistic amount to budget for closing costs, not counting down payment.
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Posted 2/25/15 1:20 PM  |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: downpayment and closing costs
It depends on what your taxes are going to be. You will have to pay one year of taxes up front, along with a slew of other fees. When we closed on our townhouse several years ago (selling price was $310,000) we paid about $10,000 in closing costs. Our taxes were $6500 of that cost.
We're in the market right now for a $465,000 home and we're expecting about $20,000 in closing costs.
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| Posted 2/25/15 2:10 PM |
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MrsS1231
LIF Toddler
Member since 1/15 495 total posts
Name:
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downpayment and closing costs
I have to check my file but I think we paid about 12k. You should budget between 10-18k.
I think a big difference could be the taxes.
Message edited 2/25/2015 2:13:11 PM.
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| Posted 2/25/15 2:11 PM |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: downpayment and closing costs
Posted by WannaBeAMom11
Dh and I have started a housing account for a new house.$380K will be our max budget. What is a realistic amount to budget for closing costs, not counting down payment.
from my experience there are a lot of factors that will determine the closing costs. such as the taxes. I'm not sure if anyone can give you a good estimate just based on the purchase price.
but I'm no expert!
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| Posted 2/25/15 2:11 PM |
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MrsS1231
LIF Toddler
Member since 1/15 495 total posts
Name:
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downpayment and closing costs
Also, don't go by what your lender tells you, ask your attorney.
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| Posted 2/25/15 2:16 PM |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: downpayment and closing costs
Posted by MrsS1231
Also, don't go by what your lender tells you, ask your attorney.
agreed. someone told me this exact advice when we were going through the process. I luckily knew not to listen to our mortgage guy who said " oh it will be minimal" yeah right! our attorney gave us the exact breakdown of all the costs. wasn't as bad as I was expecting because I was expecting the absolute worst.
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| Posted 2/25/15 2:17 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: downpayment and closing costs
First time was $18,500 - property was $375
Second time was $15,000 - property was $310
Message edited 2/25/2015 2:30:28 PM.
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| Posted 2/25/15 2:29 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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downpayment and closing costs
In addition to the taxes, it also depends on the mortgage amount. When you say your max budget is $380K, is that house price or mortgage amount? Closing costs are usually in the range of 4%-6% of the mortgage amount
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| Posted 2/25/15 2:51 PM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: downpayment and closing costs
Posted by MrsS1231
Also, don't go by what your lender tells you, ask your attorney.
Yes.
You have your bank fees, which is what your lender will tell you about. They give you estimates on the other fees but don't include everything.
Your additional closing costs include:
Title Fees
Attorney's fees (bank and yours)
Tax and fuel reimbursement to seller (this is where it can really add up depending on the time of year you close)
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| Posted 2/25/15 2:59 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: downpayment and closing costs
We are buying around that price range and our GFE estimate is $21K..our taxes are high though..above $10K. About half of that estimate is escrow for taxes and insurance.
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| Posted 2/25/15 3:42 PM |
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cets1290
LIF Adult
Member since 6/14 1051 total posts
Name:
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downpayment and closing costs
we were around 28k for closing costs- we put 20% down (10% at contract signing, 10% at closing), taxes are $11,600 for us, and a few other things.. I don't believe we paid for all of the taxes upfront, but I honestly don't remember what i paid! I feel like I wrote 2938472934 checks that day
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| Posted 2/25/15 3:55 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: downpayment and closing costs
Posted by chilltocam
In addition to the taxes, it also depends on the mortgage amount. When you say your max budget is $380K, is that house price or mortgage amount? Closing costs are usually in the range of 4%-6% of the mortgage amount
House price. We are aiming to put 10-20% down.
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| Posted 2/26/15 9:49 AM |
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