Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,905/mo
Lowest payment- Down payment
- $535,000
- Funds due
- $546,820
- Interest + MI left
- $0
- First ends
- Dec 2022
Assumption
Assumption + second
$5,350/mo
+$3,446/mo- Down payment
- $54,000
- Funds due
- $67,785
- Interest + MI left
- $759,539
- First ends
- Dec 2022
New loan
New conventional
$3,855/mo
+$1,951/mo- Down payment
- $54,000
- Funds due
- $65,149
- Interest + MI left
- $703,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $481,000 |
| Second mortgage | — | $481,000 | — |
| First P&I | $1,403.88 | $1,403.88 | $3,258.46 |
| Second P&I | — | $3,445.94 | — |
| Mortgage insurance | — | — | $96.20 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $1,904.55 | $5,350.49 | $3,855.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,000
Closing costs & prepaids$13,785
Usable credit−$0
Total buyer cash needed$67,785
Earnest money paid−$0
Remaining funds due$67,785
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
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)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$642.00
Initial HOA (3 months)$360.00
Prepaid interest, first (7 days)$0.00
Prepaid interest, second (7 days)$714.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 20-year loan at 5.51%
Interest already paid$133,013Through Dec 2022
Assumption only · ends Dec 2022$0
Assumption + second · ends Dec 2022, second Jan 2057$759,539
New conventional · ends Jan 2057$703,302