When purchasing a single-family, multi-family home, or condominium you MUST account for your closing costs in addition to your down-payment plus reserves. In addition to your down payment, a buyer should be ready to pay an additional f 2-5% of the purchase price. These closing costs include but are not limited to title insurance, mortgage recording tax, pre-purchased points, property tax escrow, mortgage origination fee, and attorney fee. For an approximate estimate of your closing costs, you can request a closing cost estimate. Additionally, lenders will require a borrower to have at least six (6) months of monthly mortgage payments in your account as reserves. Some lenders require twelve (12) months.