Total Existing Debt Being Satisfied

The amount provided in the Total Existing Debt Being Satisfied field is used to determine the Down Payment/Funds from Borrower and Funds for Borrower, as applicable.

For non-construction purchase transactions in the application phase, the Sales Price should be entered in the Total Existing Debt Being Satisfied on the Calculation page.

For construction purchase or non-purchase transactions, or when the Loan Amount exceeds the Sales Price in application phase, the Total Existing Debt Being Satisfied should include the Sale Price of Property, Adjustments and the other consumer charges that might be disclosed in the Summaries of Transaction, in particular on Line K.04 of the Closing Disclosure document.