Buyers Closing Statement
Project 88A Buyers Closing Statement ON LINE
Closing Date is April 27th of this year
Sale price is $300,000.
Buyer is financing 70% of the purchase price. This is the loan amount.
Earnest money (already paid) is $30,000
Title search fee is $500 to
Loan (mortgage) origination fee is 1% (of loan amount)
Buyers loan is at 6% . Compute buyer daily interest charges from day of closing through the end of the month of April.
Title insurance is $600
Homeowners (hazard) insurance for buyer will be $480 yearly ($40 monthly)
Real tax (Wake County) is $3 per day. You pay seller for remainder of year. April 27 is the 117th day of the year.
Escrow costs will be 2 months for hazard insurance
Escrow costs will be 5 months for real tax
Survey is $300
Pest inspection is $200
Recording fee is $10 for deed plus
Recording fee is $10 for mortgage
Credit report fee is $50
Appraisal fee is $250
Use the closing statement form to enter your calculation. How much will the buyer owe? $65,918.33
Use a 2-column closing statement form to determine total debits and credits for the buyer to show and cash due from buyer. Assume a 365 day year.
line ITEM (closing on April 27) "buyer credit" "buyer debit" 1 Sale price $300,000 - given 300,000.00
2 New loan (.7 x 300,000 price) 210,000.00
3 Earnest money (given) 30,000.00
4 Title search fee (given) 500.00
5 Loan origination fee (.01 x 210,000 loan ) 2,100.00
6 daily interest (210,000 loan x .06 / 365 x 4 days) 138.08
7 Title insurance (given) 600.00
8 Homeowners insurance (given) 480.00
9 Prorate Real tax ($1,095/365 x days in rest of yr) 744.00
10 Escrow 2 months for insur. (480/12 x 2 months) 80.00
11 Escrow 5 months for real tax (1,095 / 12 x 5 mo) 456.25
12 Survey (given) 300.00
13 Pest inspection (given) 200.00
14 Recording fee - deed (given) 10.00
15 Recording fee - mortgage (given) 10.00
16 Credit report fee (given) 50.00
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Closing Date is April 27th of this year
Sale price is $300,000.
Buyer is financing 70% of the purchase price. This is the loan amount.
Earnest money (already paid) is $30,000
Title search fee is $500 to
Loan (mortgage) origination fee is 1% (of loan amount)
Buyers loan is at 6% . Compute buyer daily interest charges from day of closing through the end of the month of April.
Title insurance is $600
Homeowners (hazard) insurance for buyer will be $480 yearly ($40 monthly)
Real tax (Wake County) is $3 per day. You pay seller for remainder of year. April 27 is the 117th day of the year.
Escrow costs will be 2 months for hazard insurance
Escrow costs will be 5 months for real tax
Survey is $300
Pest inspection is $200
Recording fee is $10 for deed plus
Recording fee is $10 for mortgage
Credit report fee is $50
Appraisal fee is $250
Use the closing statement form to enter your calculation. How much will the buyer owe? $65,918.33
Use a 2-column closing statement form to determine total debits and credits for the buyer to show and cash due from buyer. Assume a 365 day year.
line ITEM (closing on April 27) "buyer credit" "buyer debit" 1 Sale price $300,000 - given 300,000.00
2 New loan (.7 x 300,000 price) 210,000.00
3 Earnest money (given) 30,000.00
4 Title search fee (given) 500.00
5 Loan origination fee (.01 x 210,000 loan ) 2,100.00
6 daily interest (210,000 loan x .06 / 365 x 4 days) 138.08
7 Title insurance (given) 600.00
8 Homeowners insurance (given) 480.00
9 Prorate Real tax ($1,095/365 x days in rest of yr) 744.00
10 Escrow 2 months for insur. (480/12 x 2 months) 80.00
11 Escrow 5 months for real tax (1,095 / 12 x 5 mo) 456.25
12 Survey (given) 300.00
13 Pest inspection (given) 200.00
14 Recording fee - deed (given) 10.00
15 Recording fee - mortgage (given) 10.00
16 Credit report fee (given) 50.00
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