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

$1,288/mo
Lowest payment
Down payment
$230,000
Funds due
$240,431
Interest + MI left
$0
First ends
Jan 2017
Assumption

Assumption + second

$2,771/mo
+$1,483/mo
Down payment
$23,000
Funds due
$35,779
Interest + MI left
$326,870
First ends
Jan 2017
New loan

New conventional

$2,249/mo
+$960/mo
Down payment
$23,000
Funds due
$32,438
Interest + MI left
$309,827
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$0$0$207,000
Second mortgage—$207,000—
First P&I$503.23$503.23$1,421.95
Second P&I—$1,482.97—
Mortgage insurance——$41.40
Taxes, insurance & HOA$785.17$785.17$785.17
Total housing payment$1,288.39$2,771.37$2,248.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$23,000
Closing costs & prepaids$12,779
Usable credit−$0
Total buyer cash needed$35,779
Earnest money paid−$0
Remaining funds due$35,779
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$918.50
Initial HOA (3 months)$987.00
Prepaid interest, second (25 days)$1,098.80

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 6.000%
Interest already paid$30,947Through Jan 2017
Assumption only · ends Jan 2017$0
Assumption + second · ends Jan 2017, second Jan 2057$326,870
New conventional · ends Jan 2057$309,827