Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,648/mo
Lowest payment- Down payment
- $105,962
- Funds due
- $121,016
- Interest + MI left
- $259,043
- First ends
- Dec 2054
Assumption
Assumption + second
$3,010/mo
+$362/mo- Down payment
- $60,962
- Funds due
- $77,366
- Interest + MI left
- $344,392
- First ends
- Dec 2054
New loan
New conventional
$4,166/mo
+$1,518/mo- Down payment
- $60,962
- Funds due
- $72,702
- Interest + MI left
- $788,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,038 | $494,038 | $539,038 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,241.31 | $2,241.31 | $3,651.63 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $107.81 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $2,647.98 | $3,010.06 | $4,166.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,962
Closing costs & prepaids$16,404
Usable credit−$0
Total buyer cash needed$77,366
Earnest money paid−$0
Remaining funds due$77,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,470.19
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)$720.00
Prepaid interest, first (9 days)$395.91
Prepaid interest, second (9 days)$99.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing28 yrOf the original 30-year loan at 3.25%
Interest already paid$32,829Through Dec 2026
Assumption only · ends Dec 2054$259,043
Assumption + second · ends Dec 2054, second Jan 2057$344,392
New conventional · ends Jan 2057$788,055