Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $900,000
- Funds due
- $916,298
- Interest + MI left
- $0
- First ends
- Nov 2019
Assumption
Assumption + second
$7,115/mo
+$5,796/mo- Down payment
- $91,000
- Funds due
- $109,579
- Interest + MI left
- $1,277,479
- First ends
- Nov 2019
New loan
New conventional
$6,219/mo
+$4,900/mo- Down payment
- $91,000
- Funds due
- $106,550
- Interest + MI left
- $1,182,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $809,000 |
| Second mortgage | — | $809,000 | — |
| First P&I | $742.06 | $742.06 | $5,480.45 |
| Second P&I | — | $5,795.78 | — |
| Mortgage insurance | — | — | $161.80 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $1,318.73 | $7,114.50 | $6,218.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,000
Closing costs & prepaids$18,579
Usable credit−$0
Total buyer cash needed$109,579
Earnest money paid−$0
Remaining funds due$109,579
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
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)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,080.00
Prepaid interest, first (6 days)$0.00
Prepaid interest, second (6 days)$1,030.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.26%
Interest already paid$41,321Through Nov 2019
Assumption only · ends Nov 2019$0
Assumption + second · ends Nov 2019, second Jan 2057$1,277,479
New conventional · ends Jan 2057$1,182,892