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6 October, 15:08

Mr. Jackson purchases a home for $90,000. He paid $4,000 as an earnest money deposit, and is obtaining an 80% loan. Costs include $250 for title insurance, recording fees of $60, and a tax proration fee of $430. Mr. Jackson will need to bring a check to closing in the amount of:

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  1. 6 October, 18:56
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    Mr. Jackson will need to bring a check to closing in the amount of $14,470

    Explanation:

    The computation of the closing amount is shown below:

    = Down payment + title insurance + recording fees + tax proportion fee - = earned money deposit

    where,

    Down payment = Purchase cost * remaining percentage (100% - 80%)

    = $90,000 * 20%

    = $18,000

    The other values remain same

    So, the value would equal to

    = $18,000 + $250 + $60 + $430 - $4,000

    = $14,470
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