real estate homework

Closing Disclosure Page 1 of 5 Closing Date June 8 Loan Term 30 years

Property Address 123 Roadrunner Place Purpose Purchase

Sales Price 150,000.00 Product Fixed Rate

Loan Terms Can This Amount Increase?

Loan Amount 112,500.00 No

Interest Rate 5.875% No

Monthly Principal & Interest 665.48 No

Does this Loan Have a

Prepayment Penalty No

Balloon Payment No

Costs at Closing

Closing Costs 8,124.41

Cash to Close 42,942.56

Closing Cost Detail Page 2 of 5

Borrower-Paid At Closing Seller-Paid At Closing

Loan Costs A. Origination Charges

Loan Points (1%) 1,125.00

Application Fee

Underwriting Fee (1%) 1,125.00

B. Services Borrower Did Not Shop For

01 Appraisal Fee 450.00

02 Credit Report 55.00

C. Services Borrower Did Shop For

01 Pest Inspection Fee

02 Survey Fee

03 Lender Title Insurance (112,500) 100.00

05 Settlement Agent Fee 385.00 385.00

07 Attorney Fees 225.00 100.00

D. Total Loan Costs 3,465.00 485.00

Other Costs E. Taxes and Other Government Fees

01 Recording Fees Deed: $34 Mortgage $32 Release $30 96.00 30.00

03 State of Texas Policy Guarentee Fee 3.00 3.00

04 Tax Certificates 44.00

F. Prepaids

01 Homeowner's Insurance Premium (12 mo.) 960.00

02 Mortgage Insurance Premium

03 Prepaid Interest Jun 8-Jun30 @18.36 per day 422.28

04 Property Taxes

G. Initial Escrow Payments at Closing

01 Homeowner's Insurance (3 Months) 240.00

02 Mortgage Insurance

03 Property Taxes (9 Months) 2,895.63

H. Other

05 Real Estate Commision 9,000.00

07 Owners Title Insurance 150 ,000 1,152.00

09 Courier Fees 30.00 30.00

10 Copies 12.50 12.50

I. Total Costs

Other Costs Subtotal 4,659.41 10,271.50

J. Total Closing Costs 8,124.41 10,756.50

Calculating Costs to Close Page 3 of 5

Summary of Transactions Use this Table to see a summary of your transactions Borrower's Transaction 158,124.41 Seller's Transaction 150,000.00

K. Due from Borrower at Closing M. Due to Seller at Closing

01 Sale Price of Property 150,000.00 Sale Price of Property 150,000.00

02 Sale Price of Any PersonProperty Included in Sale

03 Closing Costs Paid at Closing (J) 8,124.41

L. Paid Already by or on Behalf of Borrower at Closing 115,181.85 N. Due from Seller at Closing 115,949.23

01 Deposit 1,000.00

02 Loan Amount 112,500.00 02 Closing Costs Paid at Closing 10,756.50

04 Payoff of First Mortgage Loan 103,510.88

Adjustments for Items Unpaid by Seller Adjustments for Items Unpaid by Seller

Property Taxes 1/1 - 6/8 1,681.85 Property Taxes 1/1 - 6/8 1681.85

Calculation Calculation

Total Due from Buyer at Closing (K) 158,124.41 Total Due to Seller at Closing (M) 150,000.00

Total Paid Alread by Buyer at Closing (L) -115,181.85 Total Due from Seller at Closing (N) -115,949.23

Cash to Close From Borrower 42,942.56 Cash to Seller 34,050.77