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

	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