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Reload this Page Closing Cost Estimate on LI Home (mortgage, lender, how much)
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Old 07-01-2012, 12:45 PM
 
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Hi all, I'm taking a closer look at my budget to see how much house we'll be able to afford. Besides my own lawyer fees, about how much is closing cost for a $400K home with a $35000 mortgage in Long Island? Thanks!
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Old 07-01-2012, 01:17 PM
 
Location: Long Island
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Quote:
Originally Posted by MomLookingToMove View Post
Hi all, I'm taking a closer look at my budget to see how much house we'll be able to afford. Besides my own lawyer fees, about how much is closing cost for a $400K home with a $35000 mortgage in Long Island? Thanks!
I believe you're talking about a $350,000 mortgage? It will partly depend on how high your taxes are, do you know the average taxes in your targeted location?
Very rough guesstimate $11,000-$15,000 depending on several variables.
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Old 07-01-2012, 01:26 PM
 
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Yes, $350K mortgage. Taxes in the area are around $12K.

So around $11K to $15K, and that is excluding my own lawyer fees, right? Thanks.
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Old 07-01-2012, 01:36 PM
 
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You wil need roughly $20,000.

You've got to pay for all mortgage fees, title fees, taxes the seller has paid, escrow, oil if the house has it, the list goes on.

I purchased 2 homes in the past ten years, one was 275k and the other was 475k. Both needed roughly $20k to close.
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Old 07-01-2012, 07:43 PM
 
Location: Long Island
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roughly 15k for our 2 closings in the past... one was $8k taxes and the other $11k taxes. Borrowed ~$270k each time. So at least that much, imo.
Last edited by ovi8; 07-01-2012 at 07:53 PM..
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Old 07-01-2012, 08:45 PM
 
Location: Long Island
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Quote:
Originally Posted by MomLookingToMove View Post
Yes, $350K mortgage. Taxes in the area are around $12K.

So around $11K to $15K, and that is excluding my own lawyer fees, right? Thanks.
With taxes of $12K, probably more like $15K-$18K, including your attorney's fee...
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Old 07-01-2012, 10:02 PM
 
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Just closed on a $322k house with a $220k mortgage. Closing was right around $14k lawyer included.
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Old 07-02-2012, 05:04 AM
 
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Wow...I had no idea. I now have a better picture. Thanks everyone! = )
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Old 07-02-2012, 06:41 AM
 
Location: Long Island
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btw, your lender should be able to fill out a sheet for you as closing time nears with a very good guesstimate... then factor in your lawyer too.
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Old 07-02-2012, 07:19 AM
 
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You can try and have your closing close included into the mortgage.
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