Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $114,750
- Funds due
- $126,967
- Interest + MI left
- $126,379
- First ends
- Dec 2051
Assumption
Assumption + second
$2,494/mo
+$571/mo- Down payment
- $43,750
- Funds due
- $57,375
- Interest + MI left
- $261,041
- First ends
- Dec 2051
New loan
New conventional
$3,144/mo
+$1,222/mo- Down payment
- $43,750
- Funds due
- $53,622
- Interest + MI left
- $564,684
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,250 | $315,250 | $386,250 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,472.10 | $1,472.10 | $2,616.59 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $77.25 |
| Taxes, insurance & HOA | $450.33 | $450.33 | $450.33 |
| Total housing payment | $1,922.43 | $2,493.71 | $3,144.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,750
Closing costs & prepaids$13,625
Usable credit−$0
Total buyer cash needed$57,375
Earnest money paid−$0
Remaining funds due$57,375
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%)$1,576.25
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)$384.99
Prepaid interest, first (9 days)$222.32
Prepaid interest, second (9 days)$157.56
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 2.86%
Interest already paid$48,075Through Dec 2026
Assumption only · ends Dec 2051$126,379
Assumption + second · ends Dec 2051, second Jan 2057$261,041
New conventional · ends Jan 2057$564,684