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

Question

Geovanni Turner

Mathematics

13 May, 01:22

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

+1

Answers (1)

Know the Answer?

Davin Rush · Answer 1

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.