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I think the closing costs have to do with your taxes also, so it depends on how much they are. Closing costs are usually between 10,000 and 12,000 from what I've heard (I haven't closed yet). Good Luck.
Closing costs depend on several things, taxes, what month and day you close in, lender fees, interest rates, etc. For a $500,000 house with $10,000 in taxes, closing in August you are probably looking at around $11-13,000 in taxes. Again, there are lots of variables that play into the number but you could talk to a realtor to give you a better estimate for the area you are looking.
The house we are closing on soon is $550,000, we are going to have a mortgage of approx $300,000 and our good faith estimate for the closing costs is about $12,000, I think - (I don't have the papers in front of me) The closing costs are usually 3-5% of the mortgage. That includes, transfer taxes, insurance, any fees from the bank, appraisals, prepaid property taxes, etc. The home inspection was separate as well as the water tests and any other tests we wanted, lawyers fees are separate also - they are probably going to be around $1500-$2000 for us.
Thank you very much! This is so helpful.
