• 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

Sellers closing statement

	Debits	Credits
Sale price
Mortgage Principal Interest 9/1-9/15
Real estate taxes
Insurance
Recording
Commission
State deed tax
Subtotals
Amount due to buyer
Totals

Answer rating: 100% (QA)

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