Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $158,555
- Funds due
- $171,434
- Interest + MI left
- $135,900
- First ends
- Dec 2051
Assumption
Assumption + second
$2,750/mo
+$807/mo- Down payment
- $48,555
- Funds due
- $62,901
- Interest + MI left
- $316,471
- First ends
- Dec 2051
New loan
New conventional
$3,436/mo
+$1,494/mo- Down payment
- $48,555
- Funds due
- $59,067
- Interest + MI left
- $634,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,945 | $323,945 | $433,945 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,532.82 | $1,532.82 | $2,939.69 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $86.79 |
| Taxes, insurance & HOA | $409.67 | $409.67 | $409.67 |
| Total housing payment | $1,942.48 | $2,749.63 | $3,436.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,555
Closing costs & prepaids$14,347
Usable credit−$0
Total buyer cash needed$62,901
Earnest money paid−$0
Remaining funds due$62,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,825.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,619.73
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)$579.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$238.03
Prepaid interest, second (9 days)$216.99
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 2.98%
Interest already paid$51,414Through Dec 2026
Assumption only · ends Dec 2051$135,900
Assumption + second · ends Dec 2051, second Jan 2057$316,471
New conventional · ends Jan 2057$634,499