Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,691/mo
Lowest payment- Down payment
- $100,558
- Funds due
- $115,167
- Interest + MI left
- $200,646
- First ends
- Dec 2051
Assumption
Assumption + second
$3,045/mo
+$354/mo- Down payment
- $56,558
- Funds due
- $72,493
- Interest + MI left
- $284,099
- First ends
- Dec 2051
New loan
New conventional
$4,002/mo
+$1,311/mo- Down payment
- $56,558
- Funds due
- $67,933
- Interest + MI left
- $736,115
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,442 | $459,442 | $503,442 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,200.30 | $2,200.30 | $3,410.49 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $100.69 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $2,690.96 | $3,045.00 | $4,001.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,558
Closing costs & prepaids$15,935
Usable credit−$0
Total buyer cash needed$72,493
Earnest money paid−$0
Remaining funds due$72,493
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,297.21
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)$672.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$272.27
Prepaid interest, second (7 days)$75.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.09%
Interest already paid$75,532Through Dec 2026
Assumption only · ends Dec 2051$200,646
Assumption + second · ends Dec 2051, second Jan 2057$284,099
New conventional · ends Jan 2057$736,115