What amount will the seller receive at the closing?

For this question, prorate using the actual number of days in the month and year. Split the escrow fee 50-50. The seller will pay the revenue stamps, and the buyer will pay title insurance and the recording fee. The buyer assumes the existing mortgage balance of $127,042.42, the buyer will pay in cash at closing the difference between the purchase price and the loan balance, and the present rnonthly payment on the loan is $1,001.40. Closing is October 15.

Use these relevant facts: Purchase price: $350,000 Earnest money: $3,500 Commission rate: 60% split 50-50 Real estate taxes: $2,900 (paid in full for the current year Jan. 1 through Dec. 31) Escrow fee: $800 Title insurance: $1,150 Insurance policy: $758 (annual premium) Revenue stamps: $126.30 Recording fee: $30 Interest rate: 3.75% (paid in arrears , with the next payment due Nov.1)

The correct answer is: $201,847.28