Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$944/mo
Lowest payment- Down payment
- $295,000
- Funds due
- $303,751
- Interest + MI left
- $0
- First ends
- Mar 2024
Assumption
Assumption + second
$2,843/mo
+$1,898/mo- Down payment
- $30,000
- Funds due
- $40,114
- Interest + MI left
- $418,457
- First ends
- Mar 2024
New loan
New conventional
$2,232/mo
+$1,288/mo- Down payment
- $30,000
- Funds due
- $37,765
- Interest + MI left
- $401,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $265,000 |
| Second mortgage | — | $265,000 | — |
| First P&I | $599.87 | $599.87 | $1,834.81 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $53.00 |
| Taxes, insurance & HOA | $344.33 | $344.33 | $344.33 |
| Total housing payment | $944.20 | $2,842.69 | $2,232.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,000
Closing costs & prepaids$10,114
Usable credit−$0
Total buyer cash needed$40,114
Earnest money paid−$0
Remaining funds due$40,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
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)$486.75
Initial HOA (3 months)$96.24
Prepaid interest, first (2 days)$0.00
Prepaid interest, second (2 days)$112.53
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 7.170%
Interest already paid$127,313Through Mar 2024
Assumption only · ends Mar 2024$0
Assumption + second · ends Mar 2024, second Dec 2056$418,457
New conventional · ends Dec 2056$401,837