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If someone is purchasing a $1,100,000 home with 5% down payment, how much would one pay for closing cost?
I was surprised about the $11,000 mansion tax. Now with transfer fee of $4400 and sewage fee and everything. How much do people end up paying? What is included roughly on your calculations.
Estimate is between 2-5% of purchase price. A lot depends on the amount of RE taxes, and when closing occurs (early or late in the month = per diem charges for interest; reimbursement of prepaid RE taxes)
Your RE attorney
Bank attorney (between $750-$1,000)
Application fee
Processing fee
Appraisal fee (between $500-$2,500)
Credit Report fee
RE Tax escrow (2-6 months)
Recording fees ($500-$1,000)
Title Policy for lender
Title Policy for buyer
Mortgage tax
Mansion Tax (1% of purchase price if over $1M)
Pick-up fee for Title Closer
Possible reimbursement for oil in tank, if applicable
That's pretty much it; I might have overlooked one or two items. And of course you'll be paying PMI (Private Mortgage Insurance) if you're putting down less than 20% of the purchase price.
BTW, the transfer fee is usually paid by the seller, unless it's new construction (you did not specify new construction).
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