A Utah property sells for $650,000. After a 5.5% commission and $6,000 in seller closing costs, the seller nets $612,500. What was the seller's mortgage payoff? (Verify: $650,000 − commission − costs − payoff = $612,500)

Explanation

Net = $650,000 − (5.5% × $650,000) − $6,000 − payoff = $612,500. Commission = $35,750. $650,000 − $35,750 − $6,000 = $608,250 without payoff. $608,250 − $612,500 = negative, meaning there is no payoff and the math as stated doesn't balance with any positive payoff.