Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $96,730
- Funds due
- $109,709
- Interest + MI left
- $146,754
- First ends
- Dec 2051
Assumption
Assumption + second
$2,548/mo
+$402/mo- Down payment
- $46,730
- Funds due
- $61,070
- Interest + MI left
- $241,586
- First ends
- Dec 2051
New loan
New conventional
$3,328/mo
+$1,182/mo- Down payment
- $46,730
- Funds due
- $57,106
- Interest + MI left
- $604,186
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,270 | $363,270 | $413,270 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,700.08 | $1,700.08 | $2,799.63 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $82.65 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $2,145.75 | $2,548.06 | $3,327.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,730
Closing costs & prepaids$14,340
Usable credit−$0
Total buyer cash needed$61,070
Earnest money paid−$0
Remaining funds due$61,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,816.35
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)$552.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$257.97
Prepaid interest, second (9 days)$110.96
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 2.88%
Interest already paid$55,775Through Dec 2026
Assumption only · ends Dec 2051$146,754
Assumption + second · ends Dec 2051, second Jan 2057$241,586
New conventional · ends Jan 2057$604,186