Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $358,918
- Funds due
- $371,918
- Interest + MI left
- $209,874
- First ends
- Dec 2054
Assumption
Assumption + second
$3,833/mo
+$2,185/mo- Down payment
- $53,918
- Funds due
- $68,751
- Interest + MI left
- $691,494
- First ends
- Dec 2054
New loan
New conventional
$3,866/mo
+$2,217/mo- Down payment
- $53,918
- Funds due
- $65,262
- Interest + MI left
- $707,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,772 | $178,772 | $483,772 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,156.68 | $1,156.68 | $3,277.24 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $96.75 |
| Taxes, insurance & HOA | $491.75 | $491.75 | $491.75 |
| Total housing payment | $1,648.43 | $3,833.49 | $3,865.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,918
Closing costs & prepaids$14,833
Usable credit−$0
Total buyer cash needed$68,751
Earnest money paid−$0
Remaining funds due$68,751
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,376.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$893.86
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)$645.25
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$286.53
Prepaid interest, second (9 days)$582.84
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$23,533Through Dec 2026
Assumption only · ends Dec 2054$209,874
Assumption + second · ends Dec 2054, second Jan 2057$691,494
New conventional · ends Jan 2057$707,355