Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $450,000
- Funds due
- $460,258
- Interest + MI left
- $0
- First ends
- Nov 2017
Assumption
Assumption + second
$4,116/mo
+$2,894/mo- Down payment
- $46,000
- Funds due
- $58,023
- Interest + MI left
- $637,950
- First ends
- Nov 2017
New loan
New conventional
$3,148/mo
+$1,926/mo- Down payment
- $46,000
- Funds due
- $55,482
- Interest + MI left
- $590,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $404,000 |
| Second mortgage | — | $404,000 | — |
| First P&I | $892.11 | $892.11 | $2,736.84 |
| Second P&I | — | $2,894.31 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,222.11 | $4,116.41 | $3,147.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,000
Closing costs & prepaids$12,023
Usable credit−$0
Total buyer cash needed$58,023
Earnest money paid−$0
Remaining funds due$58,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$0.00
Prepaid interest, second (6 days)$514.68
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 5.7%
Interest already paid$52,802Through Nov 2017
Assumption only · ends Nov 2017$0
Assumption + second · ends Nov 2017, second Jan 2057$637,950
New conventional · ends Jan 2057$590,634