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31 December, 07:46

In addition to the following closing costs listed below, the buyer pays a realtor commission that is 3.5% of the loan amount.

Closing Cost

Charge

Loan origination

$280

Title insurance

$476

Attorney's fees

$675

Inspection

$200

Recording fees

$118

Escrow

$573

If the loan amount is $165,000, how much was paid at closing?

a. $2,322

b. $2,899

c. $5,775

d. $8,097

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Answers (1)
  1. 31 December, 09:36
    0
    Solving for the realtor commission we have:

    $165,000 x 0.035 = $5775 (3.5% of the loan amount)

    Solving for closing cost, we total all of the costs including the realtor commission:

    $5775 + $280 + $476 + $675 + $200 + $118 + $573 = $8,097.
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