Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
Lowest payment- Down payment
- $107,048
- Funds due
- $121,651
- Interest + MI left
- $186,382
- First ends
- Dec 2051
Assumption
Assumption + second
$3,042/mo
+$402/mo- Down payment
- $57,048
- Funds due
- $72,975
- Interest + MI left
- $281,214
- First ends
- Dec 2051
New loan
New conventional
$4,035/mo
+$1,394/mo- Down payment
- $57,048
- Funds due
- $68,379
- Interest + MI left
- $742,564
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,852 | $457,852 | $507,852 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,147.45 | $2,147.45 | $3,440.37 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $101.57 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $2,640.11 | $3,042.42 | $4,034.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,048
Closing costs & prepaids$15,926
Usable credit−$0
Total buyer cash needed$72,975
Earnest money paid−$0
Remaining funds due$72,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,289.26
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)$678.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$218.26
Prepaid interest, second (6 days)$73.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.9%
Interest already paid$70,771Through Dec 2026
Assumption only · ends Dec 2051$186,382
Assumption + second · ends Dec 2051, second Jan 2057$281,214
New conventional · ends Jan 2057$742,564