Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,839/mo
Lowest payment- Down payment
- $239,999
- Funds due
- $260,569
- Interest + MI left
- $253,102
- First ends
- Dec 2051
Assumption
Assumption + second
$4,939/mo
+$1,101/mo- Down payment
- $89,999
- Funds due
- $112,050
- Interest + MI left
- $499,335
- First ends
- Dec 2051
New loan
New conventional
$6,422/mo
+$2,584/mo- Down payment
- $89,999
- Funds due
- $106,366
- Interest + MI left
- $1,175,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $654,001 | $654,001 | $804,001 |
| Second mortgage | — | $150,000 | — |
| First P&I | $3,023.68 | $3,023.68 | $5,446.58 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $160.80 |
| Taxes, insurance & HOA | $814.92 | $814.92 | $814.92 |
| Total housing payment | $3,838.60 | $4,939.24 | $6,422.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,999
Closing costs & prepaids$22,050
Usable credit−$0
Total buyer cash needed$112,050
Earnest money paid−$0
Remaining funds due$112,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,270.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,072.75
Initial HOA (3 months)$722.01
Prepaid interest, first (7 days)$347.43
Prepaid interest, second (7 days)$230.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.77%
Interest already paid$96,680Through Dec 2026
Assumption only · ends Dec 2051$253,102
Assumption + second · ends Dec 2051, second Jan 2057$499,335
New conventional · ends Jan 2057$1,175,582