Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $119,197
- Funds due
- $130,851
- Interest + MI left
- $98,719
- First ends
- Dec 2050
Assumption
Assumption + second
$2,438/mo
+$644/mo- Down payment
- $39,197
- Funds due
- $52,219
- Interest + MI left
- $250,451
- First ends
- Dec 2050
New loan
New conventional
$2,940/mo
+$1,146/mo- Down payment
- $39,197
- Funds due
- $48,624
- Interest + MI left
- $505,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,703 | $265,703 | $345,703 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,265.36 | $1,265.36 | $2,341.91 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $69.14 |
| Taxes, insurance & HOA | $529.00 | $529.00 | $529.00 |
| Total housing payment | $1,794.36 | $2,438.05 | $2,940.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,197
Closing costs & prepaids$13,022
Usable credit−$0
Total buyer cash needed$52,219
Earnest money paid−$0
Remaining funds due$52,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,328.52
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)$462.00
Initial HOA (3 months)$675.00
Prepaid interest, first (6 days)$121.42
Prepaid interest, second (6 days)$118.36
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 closing24 yrOf the original 30-year loan at 2.78%
Interest already paid$48,059Through Dec 2026
Assumption only · ends Dec 2050$98,719
Assumption + second · ends Dec 2050, second Jan 2057$250,451
New conventional · ends Jan 2057$505,406