Hello it all depends on the bank you are dealing with. It is true if you could put down another 8k your mortgage will be less expensive becasue it wont be a jumbo loan anymore. If you need any help give me a ring.
If you are buying a home or a condo in the 5 boroughs for $425k your total closing costs will be between 3 and 4% of your total purchase price. To get the best estimate you should contact a loan officer.