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