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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
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 | | |
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