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      02-06-2007, 10:43 PM   #21
CnoteMD
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Quote:
Originally Posted by gluck75 View Post
Unfortunately you are WAY off...for the apartment I recently bid on, these are the closing costs I am estimating....

Purchase Amount: 1160000
Mortgage Amount: 1034000

Insurance Amount: 6,254.00
Municipals 295.00
Bankruptcy Search2 25.00
Patriot's Search 10.00
Overnights 50.00
Condominium Endorsement 25.00
Waiver of Arbitration 25.00
Environmental Endorsement 25.00
Escrow Service Fee 50.00
Mortgage Recording Fee 195.00
Deed Recording Fee 145.00
Mansion Tax: 11,600.00
Mortgage Tax 19,880.00

Total Buyer Fees: $38,579.00


I said that you should anticipate 3-5% for closing costs. I even said that in most circumstances it's closer to 3%. Based on the numbers you stated, it works out to 3.3-3.7% (purchase price vs. mortgage price).

So, how is this way off?
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