Real Estate Math
A West Virginia buyer is assuming an existing mortgage with a balance of $125,000. The purchase price is $195,000. How much cash (down payment) must the buyer bring to closing, excluding other closing costs?
A$60,000
B$70,000✓ Correct
C$55,000
D$80,000
Explanation
Cash to close = Purchase price - Assumed mortgage balance = $195,000 - $125,000 = $70,000. Using the values given ($125,000, $195,000), apply the appropriate formula.. The correct answer is $70,000.. This is a common calculation on the West Virginia real estate exam.
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