Question
Given the following information, calculate the closing statement for buyer and seller: Closing date: September 15, 2016 Sale price: $123,000 New mortgage: $90,000, 7% interest
Given the following information, calculate the closing statement for buyer and seller:
Closing date: September 15, 2016
Sale price: $123,000
New mortgage: $90,000,
7% interest rate,
30 years Old mortgage with $45,000 balance,
10% interest rate
Earnest money: $3,000
Insurance premium: $400 payable at closing
RE taxes: $1,680/year payable 5/15 and 10/15 Sales commission 6%
Mortgage registration tax: $2.30 per $1,000 of mortgage
State deed tax: $3.30 per $1,000 of the sales price
Recording fees: $15 per document (new mtg, mtg satisfaction, deed)
Title insurance: $500 Origination fee: 1% (for new mortgage)
Credit report: $75
Appraisal fee: $350 Buyers closing statement
Buyers Closing Statement
| Debits | Credits | |
| Purchase price | ||
| Earnest money | ||
| Mortgage Principal Interest 9/15-9/30 | ||
| Real estate taxes | ||
| Insurance | ||
| Title Insurance | ||
| Origination fee | ||
| appraisal fee | ||
| credit report | ||
| recording new mortgage deed mortgage satisfaction | ||
| Mortgage registration tax | ||
| Subtotals | ||
| Amount due from buyer | ||
| Totals |
Sellers closing statement
| Debits | Credits | |
| Sale price | ||
| Mortgage Principal Interest 9/1-9/15 | ||
| Real estate taxes | ||
| Insurance | ||
| Recording | ||
| Commision | ||
| State deed tax | ||
| subtotals | ||
| Amount due to buyer | ||
| totals |
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