Asked by Phillies In 08!, Pennsylvania • Thu Oct 16, 2008
We're first time homebuyers, and the bid we just placed on a the house we really like was accepted. I'm trying to wrap my head around the closing costs/settlement costs (is there a difference?) and how much we'll be out after all is said and done. We're prepared to put 10% (17,500) down and will most likely be going with a 80-10-10 loan to avoid PMI. We're figuring about 5% in closing costs (about $8,000) for a grand total of about $25,000 due at settlement. Does this sound correct? Our agent did a potential closing cost breakdown and it had the total settlement cost at close to $13,000!
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