This seems silly and like I’m overthinking, but we got our commitment letter, and I’m having trouble understanding because the same information is rephrased three different ways. Does the “total funds to close” below already reflect the earnest money and seller contribution already applied – ie we need to bring the ~$35k to closing, or is the total not reflecting that, so we need to being the amount listed LESS the ~$21k?
“Total funds to close $35,451.07 $11,165 earnest money verified and $10,000 seller contributions per the contract.”
Total amount to close is the amount the bank receives. The exact cash to close on your part will be communicated to by the title company the day before you close but will be roughly what you already have calculated. The escrow is subtracted from your grand total needed.
Ex. You buy down 5 points including 3 points seller contributions. Plus prepaid taxes and insurance. 1 point is in escrow which leaves 1 point plus taxes and insurance left for you to pay.