How much do I have to pay upfront for closing costs as a buyer?

Question

I plan on house hacking and doing a 5% conventional financing loan. I was wondering what type of upfront closing costs I have to pay. Let's use the example of a 200k property.

How much would I realistically have to pay upfront in closing costs?

Oscar Cardenas · Answer

Hey Jimmy, its me haha. Closing costs vary based on timing of within the month and the year because its mostly based off of property taxes and interest pre paid. I would suggest when you find a good property to buy that you have your lender calculate approx closing costs then have the seller pay those closing costs so you have more reserves when you own it.

Your other costs would be approx $500-600 for a duplex property inspection.

approx $900-1200 for an duplex appraisal. some lender add that to closing costs but most will charge ahead of closing to make sure they don't lose if you back out.

Fedor Volkov · Answer

2-3% is fair. Your closing costs will be higher as you will need to pay PMI upfront for the lower down payment

Russell Brazil · Answer

Closing costs run about 3% in my market.

Bob Okenwa · Answer

@Jimmy Lieu

It depends. I've seen closing costs run around 2% of the purchase price, but it has become a more common practice to have the seller pay a portion of the buyer's closing costs.

How much do I have to pay upfront for closing costs as a buyer?

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