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How do you calculate the documentary stamp taxes on an assumed mortgage?
Wiki User
∙ 12y ago
Calculation Of Doc Stamps on Assumption of Mortgage:
.0035 x balance of existing mortgage (assumption)= doc stamps on new note.
*Note: You always have to round up to WHOLE $100.
For example : Existing Mortgage is $ 70,150.00 , You round it up to $70,200.00.
Now, multiply the assumption by .0035
$70,200.00 x .0035= $245.00
Wiki User
∙ 12y ago
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If your goal is to simply eliminate the debt, you can sell the property for the balance of the mortgage - and hopefully more. Contact the mortgage company and arrange a deferment on the payments while you attempt to sell it or arrange for them to take the home at the value of the mortgage or (hopefully) a bit more.
