Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$960/mo
Lowest payment- Down payment
- $331,108
- Funds due
- $342,331
- Interest + MI left
- $54,492
- First ends
- Dec 2053
Assumption
Assumption + second
$3,009/mo
+$2,049/mo- Down payment
- $45,108
- Funds due
- $58,127
- Interest + MI left
- $506,110
- First ends
- Dec 2053
New loan
New conventional
$3,247/mo
+$2,287/mo- Down payment
- $45,108
- Funds due
- $55,123
- Interest + MI left
- $591,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,391 | $118,391 | $404,391 |
| Second mortgage | — | $286,000 | — |
| First P&I | $533.59 | $533.59 | $2,739.49 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $80.88 |
| Taxes, insurance & HOA | $426.83 | $426.83 | $426.83 |
| Total housing payment | $960.42 | $3,009.36 | $3,247.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,108
Closing costs & prepaids$13,020
Usable credit−$0
Total buyer cash needed$58,127
Earnest money paid−$0
Remaining funds due$58,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,494.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$591.96
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)$539.50
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$87.58
Prepaid interest, second (9 days)$546.53
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 closing27 yrOf the original 30-year loan at 3%
Interest already paid$11,039Through Dec 2026
Assumption only · ends Dec 2053$54,492
Assumption + second · ends Dec 2053, second Jan 2057$506,110
New conventional · ends Jan 2057$591,287