Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,223/mo
Lowest payment- Down payment
- $155,257
- Funds due
- $165,589
- Interest + MI left
- $79,457
- First ends
- Dec 2051
Assumption
Assumption + second
$2,096/mo
+$873/mo- Down payment
- $36,257
- Funds due
- $48,074
- Interest + MI left
- $274,801
- First ends
- Dec 2051
New loan
New conventional
$2,515/mo
+$1,292/mo- Down payment
- $36,257
- Funds due
- $44,860
- Interest + MI left
- $465,991
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,743 | $199,743 | $318,743 |
| Second mortgage | — | $119,000 | — |
| First P&I | $930.67 | $930.67 | $2,159.28 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $63.75 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,222.67 | $2,095.85 | $2,515.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,257
Closing costs & prepaids$11,817
Usable credit−$0
Total buyer cash needed$48,074
Earnest money paid−$0
Remaining funds due$48,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$998.72
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)$426.00
Prepaid interest, first (9 days)$139.88
Prepaid interest, second (9 days)$234.74
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 2.84%
Interest already paid$30,253Through Dec 2026
Assumption only · ends Dec 2051$79,457
Assumption + second · ends Dec 2051, second Jan 2057$274,801
New conventional · ends Jan 2057$465,991