Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $110,210
- Funds due
- $122,468
- Interest + MI left
- $137,268
- First ends
- Dec 2051
Assumption
Assumption + second
$2,490/mo
+$523/mo- Down payment
- $45,210
- Funds due
- $58,814
- Interest + MI left
- $260,550
- First ends
- Dec 2051
New loan
New conventional
$3,200/mo
+$1,233/mo- Down payment
- $45,210
- Funds due
- $54,841
- Interest + MI left
- $591,870
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,790 | $339,790 | $404,790 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,590.19 | $1,590.19 | $2,742.19 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $80.96 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,966.86 | $2,489.87 | $3,199.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,210
Closing costs & prepaids$13,604
Usable credit−$0
Total buyer cash needed$58,814
Earnest money paid−$0
Remaining funds due$58,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,698.95
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)$540.00
Initial HOA (3 months)$140.01
Prepaid interest, first (6 days)$160.86
Prepaid interest, second (6 days)$96.16
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 2.88%
Interest already paid$52,170Through Dec 2026
Assumption only · ends Dec 2051$137,268
Assumption + second · ends Dec 2051, second Jan 2057$260,550
New conventional · ends Jan 2057$591,870