Question

Broker Betty is preparing a closing statement on the sale of a house for $177,000. Betty is holding a $3,000 earnest money deposit and the balance of the buyer’s down payment is $22,000. The balance of the purchase price will be financed by a new mortgage, and the buyer is paying 2 points loan origination fee. The seller’s broker will receive a 6.5% commission and the buyer will pay $2,250 in miscellaneous closing expenses. Real estate taxes for the current year are $2,050. The closing will take place on June 30. How much cash will the buyer have to bring to closing?

Answer 1

$26,279.

Step-by-step explanation:

$177,000 - $3,000 - $22,000 = $152,000 X .02 = $3,040 + $22,000 + $2,250 - ($2,050 / 365 X 180 = $1.010.96) = $26,279.04