Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,937/mo
Lowest payment- Down payment
- $75,179
- Funds due
- $88,006
- Interest + MI left
- $450,198
- First ends
- Dec 2053
Assumption
Assumption + second
$3,194/mo
+$257/mo- Down payment
- $43,179
- Funds due
- $57,327
- Interest + MI left
- $510,891
- First ends
- Dec 2053
New loan
New conventional
$3,150/mo
+$213/mo- Down payment
- $43,179
- Funds due
- $53,063
- Interest + MI left
- $565,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,821 | $354,821 | $386,821 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,484.63 | $2,484.63 | $2,620.46 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $77.36 |
| Taxes, insurance & HOA | $452.00 | $452.00 | $452.00 |
| Total housing payment | $2,936.63 | $3,194.11 | $3,149.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,179
Closing costs & prepaids$14,148
Usable credit−$0
Total buyer cash needed$57,327
Earnest money paid−$0
Remaining funds due$57,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,774.10
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)$516.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$629.05
Prepaid interest, second (9 days)$71.01
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 7.19%
Interest already paid$77,864Through Dec 2026
Assumption only · ends Dec 2053$450,198
Assumption + second · ends Dec 2053, second Jan 2057$510,891
New conventional · ends Jan 2057$565,596