Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,961/mo
Lowest payment- Down payment
- $178,179
- Funds due
- $192,667
- Interest + MI left
- $451,322
- First ends
- Dec 2054
Assumption
Assumption + second
$3,835/mo
+$873/mo- Down payment
- $59,179
- Funds due
- $75,074
- Interest + MI left
- $646,667
- First ends
- Dec 2054
New loan
New conventional
$4,075/mo
+$1,113/mo- Down payment
- $59,179
- Funds due
- $70,455
- Interest + MI left
- $768,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,820 | $406,820 | $525,820 |
| Second mortgage | — | $119,000 | — |
| First P&I | $2,554.00 | $2,554.00 | $3,562.09 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $105.16 |
| Taxes, insurance & HOA | $407.34 | $407.34 | $407.34 |
| Total housing payment | $2,961.33 | $3,834.51 | $4,074.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,179
Closing costs & prepaids$15,895
Usable credit−$0
Total buyer cash needed$75,074
Earnest money paid−$0
Remaining funds due$75,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,849.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,034.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$702.00
Initial HOA (3 months)$20.01
Prepaid interest, first (6 days)$414.62
Prepaid interest, second (6 days)$156.49
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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$51,116Through Dec 2026
Assumption only · ends Dec 2054$451,322
Assumption + second · ends Dec 2054, second Jan 2057$646,667
New conventional · ends Jan 2057$768,836