Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,792/mo
Lowest payment- Down payment
- $138,007
- Funds due
- $149,371
- Interest + MI left
- $132,519
- First ends
- Dec 2049
Assumption
Assumption + second
$2,572/mo
+$780/mo- Down payment
- $41,007
- Funds due
- $53,765
- Interest + MI left
- $316,493
- First ends
- Dec 2049
New loan
New conventional
$2,893/mo
+$1,101/mo- Down payment
- $41,007
- Funds due
- $50,086
- Interest + MI left
- $536,458
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,893 | $269,893 | $366,893 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,458.01 | $1,458.01 | $2,485.46 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $73.38 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $1,792.01 | $2,572.49 | $2,892.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,007
Closing costs & prepaids$12,757
Usable credit−$0
Total buyer cash needed$53,765
Earnest money paid−$0
Remaining funds due$53,765
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,079.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,349.46
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)$489.50
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$165.49
Prepaid interest, second (6 days)$143.51
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 closing23 yrOf the original 30-year loan at 3.73%
Interest already paid$76,766Through Dec 2026
Assumption only · ends Dec 2049$132,519
Assumption + second · ends Dec 2049, second Jan 2057$316,493
New conventional · ends Jan 2057$536,458