As a rough estimate I like to use 5% of the mortgage amount. Closing costs for buyers include items such as the appraisal, credit reporting fee, mortgage tax, survey, title report and title insurance, bank attorney and several others. If you are using a down payment of less than 20% you will also have to pay Private Mortgage Insurance (not included in the 5%, speak to your lender about this if you are going less than 20% down).
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783