Closing Costs and Prepaids

[agekeith22]

This is probably one of those unanswerable questions, but I thought I would give it a try.  I am trying to get a grasp on how much my closing costs and prepaids will be so I know how much I will need in savings.  My fear is starting the process and then not having enough money for closing.

I am looking at a 30 year conventional loan, my down payment would be 10%, with no points.  The max I would like to finance would be $385k, so a selling price of around $427k.  Now, I do know that taxes would be $9k per year and homeowners insurance would be about $3k per year and HOA $1k per year.  Based on a June close date, I have estimated my prepaids to be $9k and closing costs to be $9250.  This is not including any type of closing credit from the seller/builder.

Am I way off or in the ballpark here?

[Walt_K]

I think I've read anywhere from 2-5% is fairly average typical.

No idea how accurate this is, but apparently myfico has a calculator: http://www.myfico.com/LoanCenter/Mortgage/Calculators/ClosingCosts.aspx

[DallasLoanGuy]

with no points.... costs should be about $3k-ish

prepaids around $6k

You dont even have to apply to get an estimate of fees from your chosen lender......

I have seen many people send in an application without a ss# just to get some rough numbers.....