Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
Lowest payment- Down payment
- $51,891
- Funds due
- $63,990
- Interest + MI left
- $131,534
- First ends
- Dec 2051
Assumption
Assumption + second
$2,411/mo
+$326/mo- Down payment
- $19,891
- Funds due
- $33,334
- Interest + MI left
- $216,922
- First ends
- Dec 2051
New loan
New conventional
$3,065/mo
+$979/mo- Down payment
- $19,891
- Funds due
- $29,764
- Interest + MI left
- $528,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,108 | $328,108 | $360,108 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,532.14 | $1,532.14 | $2,439.50 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $72.02 |
| Taxes, insurance & HOA | $553.00 | $553.00 | $553.00 |
| Total housing payment | $2,085.14 | $2,411.22 | $3,064.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,891
Closing costs & prepaids$13,443
Usable credit−$0
Total buyer cash needed$33,334
Earnest money paid−$0
Remaining funds due$33,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.54
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)$456.00
Initial HOA (3 months)$753.00
Prepaid interest, first (9 days)$231.38
Prepaid interest, second (9 days)$93.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.86%
Interest already paid$50,036Through Dec 2026
Assumption only · ends Dec 2051$131,534
Assumption + second · ends Dec 2051, second Jan 2057$216,922
New conventional · ends Jan 2057$528,410