# Closing costs? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [September 10, 2009, 7:15pm UTC](https://forums.speedlife.net/t/closing-costs/73356 "2009-09-10T19:15:06Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Storamin](https://avatars.discourse-cdn.com/v4/letter/s/9fc348/32.png) [@Storamin](https://forums.speedlife.net/u/Storamin)\ **Post date:** [September 11, 2009, 10:12am UTC](https://forums.speedlife.net/t/closing-costs/73356/21 "2009-09-11T10:12:58Z")
People almost always underestimate their closing costs. On top of that, you’ll find issues that you will need to fix in the first few months. Make sure you budget more for both closings costs & fixing issues in the first few months. If you end up spending less than you budget 6 months down the road, pay down the principal, or hell, enjoy a nice bottle of the bubbly for yourself. ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [September 11, 2009, 10:16am UTC](https://forums.speedlife.net/t/closing-costs/73356/22 "2009-09-11T10:16:52Z")
> [@FiftyCheven](#): > > When i bought my house on the island (same price range) i ended up paying about $1100 at closing. What most people dont realize is the taxes on the island, are really cheap compared to other areas. I paid $1200 a year after the STAR. taxes on the island are one of the cheapest in the area.Mine are $13k a yr while a similar house we were looking at in Amherst was $27K. ---
**Author:** ![FiftyCheven](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fiftycheven/32/4950_2.png) [@FiftyCheven](https://forums.speedlife.net/u/FiftyCheven)\ **Post date:** [September 11, 2009, 10:20am UTC](https://forums.speedlife.net/t/closing-costs/73356/23 "2009-09-11T10:20:42Z")
yep…its like a little secret the island has lol. and keep in mind, Ds house is like $750k or some rediculous amount, lol and water front. ---
**Author:** ![Scott](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/scott/32/7603_2.png) [@Scott](https://forums.speedlife.net/u/Scott)\ **Post date:** [September 13, 2009, 10:36am UTC](https://forums.speedlife.net/t/closing-costs/73356/24 "2009-09-13T10:36:57Z")
Um, go through NACA. Thats what im doing. No downpayment. No closing costs. No PMI and a fixed 4.6% (currently). [www.naca.com](http://www.naca.com) bitches ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [September 13, 2009, 11:17am UTC](https://forums.speedlife.net/t/closing-costs/73356/25 "2009-09-13T11:17:10Z")
Hi guys, I need some new shoes. What size should I buy? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [September 13, 2009, 11:37am UTC](https://forums.speedlife.net/t/closing-costs/73356/26 "2009-09-13T11:37:27Z")
Um wear a size 12. That’s what I’m wearing. Not too big, not too small. Size 12, bitches. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [September 13, 2009, 12:22pm UTC](https://forums.speedlife.net/t/closing-costs/73356/27 "2009-09-13T12:22:10Z")
Sweet, the internets is awesome. ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [September 13, 2009, 5:13pm UTC](https://forums.speedlife.net/t/closing-costs/73356/28 "2009-09-13T17:13:59Z")
No downpayment in mine. None down at all. ---
**Author:** ![LUC1F3R](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/luc1f3r/32/7299_2.png) [@LUC1F3R](https://forums.speedlife.net/u/LUC1F3R)\ **Post date:** [September 21, 2009, 8:40pm UTC](https://forums.speedlife.net/t/closing-costs/73356/29 "2009-09-21T20:40:44Z")
> [@boardjnky4](#): > > I hope that number included downpayment downpayment and taxes ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [September 22, 2009, 9:12am UTC](https://forums.speedlife.net/t/closing-costs/73356/30 "2009-09-22T09:12:09Z")
> [@Tbirdsc1](#): > > It all depends on the price of the house and if are you escrowing the taxes (must do this if putting less than 20% down) > Closing costs include, seperate from escrow: > Origination 400-500 > Appraisal ~400 > Underwriting Fee 295 > Bank Attorney 400 > Title Insurance - depends on $ of house > Recording Fee 150 > Processing Fee 300 > Tax Service Fee ~100 > Floord Cert 20 > NYS Mortgage Tax - depends on $ of house > > I would have 3-5k set aside just to be safe… > > If escrowing add in 1 year of taxes and 1 year of home owner’s ins. yep. I think my closing costs were something similar to this… You should get a final number to bring to closing a few days before closing. ---
**Author:** ![Clean\_Baldy](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/clean_baldy/32/7308_2.png) [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)\ **Post date:** [January 14, 2010, 8:20am UTC](https://forums.speedlife.net/t/closing-costs/73356/31 "2010-01-14T08:20:04Z")
> [@Scott](#): > > Um, go through NACA. Thats what im doing. > > No downpayment. No closing costs. No PMI and a fixed 4.6% (currently). > > [www.naca.com](http://www.naca.com) bitches Sure, but you’re paying $50/mo. extra for 5-10 years for “membership” right? I’m starting to look into buying my first home and have no clue where to start. I just read all of the fine print on the NACA page and saw that little hidden fee of theirs. The 4.75% rate is nice though. I can’t find anything less than 5.15% local… (of course, I only started looking yesterday) ---
**Author:** ![livin4hockey](https://avatars.discourse-cdn.com/v4/letter/l/d2c977/32.png) [@livin4hockey](https://forums.speedlife.net/u/livin4hockey)\ **Post date:** [January 14, 2010, 8:36am UTC](https://forums.speedlife.net/t/closing-costs/73356/32 "2010-01-14T08:36:29Z")
So are there any other fees to look out for? I haven’t done any research either, but based on what you’re saying, $3k-$6k for “membership” over the course of 5-10 years sounds like a hell of a trade for no downpayment or closing costs. ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [January 14, 2010, 8:48am UTC](https://forums.speedlife.net/t/closing-costs/73356/33 "2010-01-14T08:48:51Z")
> [@Clean Baldy](#): > > Sure, but you’re paying $50/mo. extra for 5-10 years for “membership” right? > > I’m starting to look into buying my first home and have no clue where to start. I just read all of the fine print on the NACA page and saw that little hidden fee of theirs. > > The 4.75% rate is nice though. I can’t find anything less than 5.15% local… (of course, I only started looking yesterday) PMI could easily cost you $50/mo. So it might still be a good deal. ---
**Author:** ![Clean\_Baldy](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/clean_baldy/32/7308_2.png) [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)\ **Post date:** [January 14, 2010, 8:56am UTC](https://forums.speedlife.net/t/closing-costs/73356/34 "2010-01-14T08:56:32Z")
> [@d3x](#): > > PMI could easily cost you $50/mo. So it might still be a good deal. Wouldn’t you still have to pay PMI along with the NACA $50, making it ~$100+ I do not plan on putting 20% down on my first home so I KNOW I’ll be putting some PMI cash into the mix. If you’re correct and I have to pay only the $50/mo. membership, rather than the $75+/mo. PMI, it would definitely be a better deal. I didn’t think of that. Anyone know the answer? ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [January 14, 2010, 9:20am UTC](https://forums.speedlife.net/t/closing-costs/73356/35 "2010-01-14T09:20:20Z")
> [@Clean Baldy](#): > > Wouldn’t you still have to pay PMI along with the NACA $50, making it ~$100+ > > I do not plan on putting 20% down on my first home so I KNOW I’ll be putting some PMI cash into the mix. > > If you’re correct and I have to pay only the $50/mo. membership, rather than the $75+/mo. PMI, it would definitely be a better deal. > > I didn’t think of that. Anyone know the answer? I don’t know the answer as I am not at all familiar with NACA. But Scott says no PMI…browse the link I’m sure its in there. > [@Scott](#): > > Um, go through NACA. Thats what im doing. > > No downpayment. No closing costs. No PMI and a fixed 4.6% (currently). > > [www.naca.com](http://www.naca.com) bitches ---
**Author:** ![n20junkie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/n20junkie/32/7396_2.png) [@n20junkie](https://forums.speedlife.net/u/n20junkie)\ **Post date:** [January 14, 2010, 9:54am UTC](https://forums.speedlife.net/t/closing-costs/73356/36 "2010-01-14T09:54:17Z")
So here is my breakdown, 113k house, HSBC, 4.75 30year 20 percent down = $22,600 Lawyers, insurance, taxes blah blah blah = 6,500 Took 29k to close. Not too bad. No PMI, 90k principal. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 14, 2010, 9:56am UTC](https://forums.speedlife.net/t/closing-costs/73356/37 "2010-01-14T09:56:09Z")
good deal… I wish that I could have found something that I liked for that cheap in rochester. also, the moral of this thread is that asking what closing costs are is a lot like asking how much a down payment on a car is. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 14, 2010, 9:58am UTC](https://forums.speedlife.net/t/closing-costs/73356/38 "2010-01-14T09:58:15Z")
> [@n20junkie](#): > > So here is my breakdown, > > 113k house, HSBC, 4.75 30year > > 20 percent down = $22,600 > Lawyers, insurance, taxes blah blah blah = 6,500 > > Took 29k to close. Not too bad. No PMI, 90k principal. Very similar to mine except I took a 15 year for 4.25%. Getting that certified check for the 20% is a big 🖕 moment to the bank account ☹ ---
**Author:** ![n20junkie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/n20junkie/32/7396_2.png) [@n20junkie](https://forums.speedlife.net/u/n20junkie)\ **Post date:** [January 14, 2010, 9:59am UTC](https://forums.speedlife.net/t/closing-costs/73356/39 "2010-01-14T09:59:31Z")
> [@livin4hockey](#): > > So are there any other fees to look out for? I haven’t done any research either, but based on what you’re saying, $3k-$6k for “membership” over the course of 5-10 years sounds like a hell of a trade for no downpayment or closing costs. Really, 3-6k so you can finance more money, and they can then collect more interest on that extra principal is a good deal? Shit sign me up for that!!! Think about this, that money you didn’t put down on the mortgage, is gonna cost you 104 bucks a month (20k 4.75 30yr). So not putting down 20k will cost you 5k in membership fees, plus another 16k to borrow that additonal 20k (36k total payoff on that 20k) So for 21k (5k membership plus 16k for interest) you don’t have to put a down payment. And I was the kid that got low grades in math, I bet half you guys got A’s and think that a no down payment loan is the best ever. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 14, 2010, 10:00am UTC](https://forums.speedlife.net/t/closing-costs/73356/40 "2010-01-14T10:00:24Z")
Joe, I know you play the numbers… did you ever see if the $20,000 sitting in an ultra safe investment will pay out more monthly than what your PMI would have been? [Previous page](https://forums.speedlife.net/t/closing-costs/73356.md?page=1) [Next page](https://forums.speedlife.net/t/closing-costs/73356.md?page=3)