Dan Frey Home Loans
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Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$2,074/mo
Lowest payment
Down payment
$1,150,000
Funds due
$1,171,600
Interest + MI left
$0
First ends
Nov 2013
Assumption

Assumption + second

$9,489/mo
+$7,415/mo
Down payment
$115,000
Funds due
$143,344
Interest + MI left
$1,634,352
First ends
Nov 2013
New loan

New conventional

$8,492/mo
+$6,418/mo
Down payment
$115,000
Funds due
$138,839
Interest + MI left
$1,549,136
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$0$0$1,035,000
Second mortgage—$1,035,000—
First P&I$899.09$899.09$7,109.73
Second P&I—$7,414.87—
Mortgage insurance——$207.00
Taxes, insurance & HOA$1,175.00$1,175.00$1,175.00
Total housing payment$2,074.09$9,488.96$8,491.73

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$115,000
Closing costs & prepaids$28,344
Usable credit−$0
Total buyer cash needed$143,344
Earnest money paid−$0
Remaining funds due$143,344
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,875.00
Prepaid interest, second (25 days)$5,494.01

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 25 days of interest to the end of the closing month.

What is left to pay

The seller already paid down the early, interest-heavy years.

Remaining first mortgage at closing0 moOf the original 15-year loan at 6.610%
Interest already paid$59,337Through Nov 2013
Assumption only · ends Nov 2013$0
Assumption + second · ends Nov 2013, second Jan 2057$1,634,352
New conventional · ends Jan 2057$1,549,136