Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,004/mo
Lowest payment- Down payment
- $118,049
- Funds due
- $134,174
- Interest + MI left
- $205,868
- First ends
- Dec 2051
Assumption
Assumption + second
$3,431/mo
+$426/mo- Down payment
- $65,049
- Funds due
- $82,542
- Interest + MI left
- $306,390
- First ends
- Dec 2051
New loan
New conventional
$4,624/mo
+$1,620/mo- Down payment
- $65,049
- Funds due
- $77,743
- Interest + MI left
- $855,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $531,951 | $531,951 | $584,951 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,459.40 | $2,459.40 | $3,962.66 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $116.99 |
| Taxes, insurance & HOA | $544.67 | $544.67 | $544.67 |
| Total housing payment | $3,004.06 | $3,430.51 | $4,624.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,049
Closing costs & prepaids$17,493
Usable credit−$0
Total buyer cash needed$82,542
Earnest money paid−$0
Remaining funds due$82,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,659.76
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)$780.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$363.33
Prepaid interest, second (9 days)$117.62
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 closing25 yrOf the original 30-year loan at 2.77%
Interest already paid$78,638Through Dec 2026
Assumption only · ends Dec 2051$205,868
Assumption + second · ends Dec 2051, second Jan 2057$306,390
New conventional · ends Jan 2057$855,295