Down payment comes from the loan, not from a percentage you guess
The loan is the maximum loan-to-value percentage of value, and the down payment is whatever is left of the price. On an $80,000 purchase at 90% LTV the loan is $80,000 × 0.90 = $72,000, so the down payment is $80,000 − $72,000 = $8,000. Earnest money already paid is a credit, so a $2,500 deposit leaves $8,000 − $2,500 = $5,500 due at closing. Adding the deposit instead of subtracting it is the trap.
Add costs, subtract credits
Cash to close = down payment + closing costs + Georgia recording taxes − earnest money − seller and lender credits.
Worked example: $300,000 price, $270,000 loan, $6,500 closing costs, $5,000 earnest money, $2,000 seller credit. Down payment = $30,000. Intangible recording tax = $270,000 ÷ $500 = 540 units × $1.50 = $810. Cash = $30,000 + $6,500 + $810 − $5,000 − $2,000 = $30,310. Forgetting the $810 gives $29,500; forgetting the seller credit gives $32,310; adding the earnest money instead of subtracting gives $40,310.
A low appraisal is paid in cash
Lenders apply the maximum LTV to the lesser of price or appraised value. A $300,000 contract that appraises at $290,000 with a 95% maximum yields $290,000 × 0.95 = $275,500, so the buyer brings $300,000 − $275,500 = $24,500. Applying 95% to the contract price gives $15,000 and ignores the appraisal; taking 5% of $290,000 gives $14,500 and forgets that the buyer must also cover the $10,000 shortfall in cash.
Prepaid interest covers closing day through month end
Lenders collect interest from the closing date through the last day of the month, closing day included. On a $270,000 loan at 6% closing June 20: daily interest = $270,000 × 0.06 ÷ 365 = $44.38, and June 20 through June 30 inclusive is 11 days, so 11 × $44.38 = $488.22. Counting 10 days drops the closing day and gives $443.84; using a 360-day year when the question says 365 gives $495.00.