Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$594/mo
Lowest payment- Down payment
- $370,000
- Funds due
- $379,078
- Interest + MI left
- $0
- First ends
- Dec 2024
Assumption
Assumption + second
$2,973/mo
+$2,378/mo- Down payment
- $38,000
- Funds due
- $48,469
- Interest + MI left
- $524,256
- First ends
- Dec 2024
New loan
New conventional
$2,568/mo
+$1,974/mo- Down payment
- $38,000
- Funds due
- $46,040
- Interest + MI left
- $503,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $332,000 |
| Second mortgage | — | $332,000 | — |
| First P&I | $390.94 | $390.94 | $2,298.70 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $66.40 |
| Taxes, insurance & HOA | $203.33 | $203.33 | $203.33 |
| Total housing payment | $594.27 | $2,972.76 | $2,568.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,000
Closing costs & prepaids$10,469
Usable credit−$0
Total buyer cash needed$48,469
Earnest money paid−$0
Remaining funds due$48,469
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$0.00
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)$160.00
Prepaid interest, first (2 days)$0.00
Prepaid interest, second (2 days)$140.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 30-year loan at 8.510%
Interest already paid$89,941Through Dec 2024
Assumption only · ends Dec 2024$0
Assumption + second · ends Dec 2024, second Dec 2056$524,256
New conventional · ends Dec 2056$503,368