Question

A buyer's closing statement shows different items, including a purchase price of $58,325, an assumable mortgage of $55,000, a survey fee of $250, total debits of $59,925.25, title insurance of $395, 1% loan origination fee, total credits of $58,295, 2% for discount points, contract deposit of $3,000, and rent prorations of $495. Based on this information, how much money does the buyer need to bring to the closing

Answer 1

$1,630.25

Step-by-step explanation:

The computation of the money does the buyer required to bring the closing is given below;

= Total debits - total credits

= $59,925.25 - $58,295

= $1,630.25

The difference of total debits and total credits deemed to be the amount required to bring to the closing

Hence, the answer is $1,630.25