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