Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $150,019
- Funds due
- $160,967
- Interest + MI left
- $92,109
- First ends
- Dec 2051
Assumption
Assumption + second
$2,253/mo
+$822/mo- Down payment
- $38,019
- Funds due
- $50,438
- Interest + MI left
- $275,963
- First ends
- Dec 2051
New loan
New conventional
$2,739/mo
+$1,307/mo- Down payment
- $38,019
- Funds due
- $47,091
- Interest + MI left
- $498,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,881 | $228,881 | $340,881 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,069.97 | $1,069.97 | $2,309.25 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $68.18 |
| Taxes, insurance & HOA | $361.58 | $361.58 | $361.58 |
| Total housing payment | $1,431.55 | $2,253.37 | $2,739.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,019
Closing costs & prepaids$12,419
Usable credit−$0
Total buyer cash needed$50,438
Earnest money paid−$0
Remaining funds due$50,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,789.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,144.40
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)$454.75
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$161.97
Prepaid interest, second (9 days)$220.93
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 2.87%
Interest already paid$35,023Through Dec 2026
Assumption only · ends Dec 2051$92,109
Assumption + second · ends Dec 2051, second Jan 2057$275,963
New conventional · ends Jan 2057$498,424