Learn how the amount due at closing is calculated when settlement costs are 8,300 and the good faith deposit is 8,000.

Closing Day Math: A Simple Way to Read Tampa Real Estate Numbers

If you’re buying a home around Tampa Bay, closing day isn’t just a ceremonial handshake and a pile of signatures. It’s a little math tour—where dollars and credits line up like good neighbors at a block party. Let me walk you through a clear example, so the numbers feel less like a riddle and more like a straight path to the finish line.

The basics you’ll actually use

First, a quick glossary so we’re on the same page:

• Total settlement costs: This is the full amount you’re responsible for paying at closing. Think of it as the grand sum of all the buyer’s costs for that transaction, before any credits are applied.

• Good faith deposit: Often called earnest money. This is money you’ve already paid when you made an offer and it’s held in escrow. It’s credited toward your closing costs, not extra money you must bring to the table.

• Amount due at closing: This is what you end up paying at the closing table after all credits are accounted for.

Now, here’s the scenario we’re talking about:

• Total settlement costs: $8,300

• Good faith deposit: $8,000

What you do next is simple arithmetic, but it’s easy to glaze over and miss the point. The idea is to subtract the credit (the deposit) from the total costs. If you do that, you get the amount you still owe at closing.

The calculation in plain terms

• Amount due at closing = Total settlement costs – Good faith deposit

• Amount due at closing = $8,300 – $8,000

• Amount due at closing = $300

That’s the number you actually bring to the closing table as additional cash. The $8,000 you already paid doesn’t vanish from your books; it’s applied as a credit toward the $8,300 in settlement costs. In the closing statement, you’ll see the $8,000 as a credit and the $300 as the amount you owe at the moment of closing.

A practical way to visualize it

Think of it like this: imagine you’re buying a car, and the sticker price is $8,300. You’ve already handed over $8,000 as a down payment. At delivery, the dealer reduces the total by that down payment, and you just owe the remaining $300. It’s the same logic at closing, just with real estate numbers and a few more moving parts (like title fees, recording fees, and sometimes lender charges).

Why some students trip up on this

It’s not unusual for folks to mix up the numbers and end up with a higher figure, especially if they’re juggling multiple credits and debits on the closing disclosure. A couple of common slip-ups:

• Thinking the deposit adds to the amount due instead of reducing it. In truth, the deposit acts as a prepayment toward the costs, so it subtracts from the total you owe at closing.

• Interpreting the $8,300 as the amount you pay all at once, without accounting for the credit. The closing table isn’t demanding the full $8,300 again; it’s balancing what’s already been paid with what’s still owed.

• Confusion about “the total” versus “the amount due.” The total settlement costs reflect the overall obligation, but the amount due at the moment of closing is the difference between that total and your earnest money.

In our Tampa example, the right math clearly shows $300 due at closing, not $300 plus some phantom extra amount. If a different number pops up in another scenario, the same method applies: subtract the deposit (credit) from the total settlement costs to land on the amount due.

What does this look like in the real world?

• The closing disclosure (or the settlement statement) is the document to review carefully. It’s where credits, debits, and the final numbers are laid out in black and white. Familiarize yourself with the terminology so you can scan it quickly.

• Earnest money isn’t “extra cash” you bring on closing day. It’s money already paid that’s credited toward your costs. Your actual check at closing might only be for the remaining balance, like the $300 in our example.

• If there are seller credits or other adjustments, they’ll alter the final tally in either direction. A seller credit reduces the amount you need to bring to closing, while additional costs or lender charges may increase it. The math stays the same, but the numbers shift.

A quick Tampa-angle you’ll hear about

In Florida, and especially in the Tampa area, you’ll hear about the Closing Disclosure and how costs flow through escrow or title companies. Many buyers work with a title company or attorney to manage the settlement. They’ll hold the earnest money in escrow and apply it to the closing costs at the appropriate moment. It’s not magical—it’s a careful balancing act that keeps the numbers honest and transparent.

If you’re curious about the broader picture, a few related touches matter:

• Taxes and insurance: In Florida, you’ll often see prepaid items like property taxes and homeowners insurance listed as part of closing costs. They get collected upfront and held in an escrow account. That’s separate from the sale price, but it influences how much cash you need on day one.

• HOA or one-time fees: In some Tampa neighborhoods, there are association dues or transfer fees. They show up as line items on the closing statement and need to be budgeted for in advance.

• Recording fees and title insurance: These are necessary to make the transfer official. They’re part of the settlement costs and affect the bottom line you’ll see when you schedule the closing.

A few quick tips for a smoother close in the Tampa area

• Track the numbers from day one: When you get the first closing estimate or a preliminary disclosure, write down the settlement costs and your earnest money. A simple side-by-side helps you catch any misreads before the actual closing day.

• Ask for a pre-close review: If you’re unsure about the numbers, request a quick review of the closing statement with your agent and the closing agent. It never hurts to double-check, and it can ease nerves when the big day arrives.

• Confirm credits and debits: If there are credits (like a seller concession) or prorations (for taxes or HOA dues), make sure they’re properly reflected. It changes whether you owe a little more or a little less.

• Hold onto your receipts: Your earnest money is part of your overall investment in the property. Keep track of where that deposit sits and how it’s applied so you’re never guessing later.

Putting the pieces together

So, let’s circle back to our Tampa example with a clear takeaway: the buyer’s amount due at closing, given total settlement costs of $8,300 and a good faith deposit of $8,000, is $300. The $8,000 already paid acts as a credit toward those costs. The closing table will reflect this as the credit against the total, leaving you with a $300 payment at the moment of finalizing the deal.

If you’re sorting through numbers for a property here in the Tampa Bay area, this same logic will guide you. The exact figures may change, but the principle—earnest money as a credit, total settlement costs as the obligation, and the amount due at closing as the difference between the two—stays steady.

A closing thought

Numbers can feel a little abstract until you see them in action. When you walk into a closing with a clear idea of what’s been paid, what’s credited, and what remains, you bring a calm confidence to the table. That confidence often translates into smoother negotiations, fewer last-minute surprises, and a closing experience that feels, in the end, like a clean, well-edited chapter in your Tampa home story.

If you ever find yourself staring at a closing statement and your brain prints out a jumble of digits, take a breath. Apply the same simple check: what’s the total settlement cost? what’s the earnest money? what’s the difference? You’ll usually land on the right number—and you’ll know exactly how your money flows from “here” to “home sweet home” in the Tampa area.