Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,164/mo
Lowest payment- Down payment
- $57,613
- Funds due
- $69,904
- Interest + MI left
- $163,694
- First ends
- Dec 2051
Assumption
Assumption + second
$2,520/mo
+$357/mo- Down payment
- $22,613
- Funds due
- $36,222
- Interest + MI left
- $257,088
- First ends
- Dec 2051
New loan
New conventional
$3,247/mo
+$1,083/mo- Down payment
- $22,613
- Funds due
- $32,283
- Interest + MI left
- $609,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,287 | $380,287 | $415,287 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,813.27 | $1,813.27 | $2,813.30 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $83.06 |
| Taxes, insurance & HOA | $350.50 | $350.50 | $350.50 |
| Total housing payment | $2,163.77 | $2,520.42 | $3,246.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,613
Closing costs & prepaids$13,609
Usable credit−$0
Total buyer cash needed$36,222
Earnest money paid−$0
Remaining funds due$36,222
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,379.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,901.44
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)$525.50
Initial HOA (3 months)$75.99
Prepaid interest, first (6 days)$190.66
Prepaid interest, second (6 days)$68.32
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 3.05%
Interest already paid$61,733Through Dec 2026
Assumption only · ends Dec 2051$163,694
Assumption + second · ends Dec 2051, second Jan 2057$257,088
New conventional · ends Jan 2057$609,378