what costs are involved in the purchase closing costs?

[Devin Mann]

i have a rule of thumb for 5% but what costs are involved in that 5%?

[Chris Mason]

Originally posted by @Devin Mann:

Is that 5% accurate

 No, thinking of closing costs as a % of purchase price is not accurate. What is accurate will be a highly regional question, I'd suggest chatting with a lender local to where you are buying.

The reason expressing it as a % is never accurate is because the closing costs do not scale up and down in a linear fashion with purchase price. Many of them are flat, or flat-ish. For example the appraisal fee on a $600k home is not 4 times as much as the appraisal fee on a $150k home.