Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $102,567
- Funds due
- $114,490
- Interest + MI left
- $113,076
- First ends
- Dec 2047
Assumption
Assumption + second
$2,724/mo
+$539/mo- Down payment
- $35,567
- Funds due
- $48,839
- Interest + MI left
- $240,151
- First ends
- Dec 2047
New loan
New conventional
$2,947/mo
+$762/mo- Down payment
- $35,567
- Funds due
- $45,319
- Interest + MI left
- $459,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,433 | $247,433 | $314,433 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,430.59 | $1,430.59 | $2,130.08 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $62.89 |
| Taxes, insurance & HOA | $754.00 | $754.00 | $754.00 |
| Total housing payment | $2,184.59 | $2,723.69 | $2,946.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,567
Closing costs & prepaids$13,272
Usable credit−$0
Total buyer cash needed$48,839
Earnest money paid−$0
Remaining funds due$48,839
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.17
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)$420.00
Initial HOA (3 months)$1,392.00
Prepaid interest, first (6 days)$155.78
Prepaid interest, second (6 days)$99.12
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 closing21 yrOf the original 30-year loan at 3.83%
Interest already paid$96,037Through Dec 2026
Assumption only · ends Dec 2047$113,076
Assumption + second · ends Dec 2047, second Jan 2057$240,151
New conventional · ends Jan 2057$459,690