Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $146,857
- Funds due
- $157,880
- Interest + MI left
- $107,996
- First ends
- Dec 2049
Assumption
Assumption + second
$2,405/mo
+$800/mo- Down payment
- $37,857
- Funds due
- $50,345
- Interest + MI left
- $286,925
- First ends
- Dec 2049
New loan
New conventional
$2,738/mo
+$1,133/mo- Down payment
- $37,857
- Funds due
- $46,961
- Interest + MI left
- $492,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,143 | $228,143 | $337,143 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,217.89 | $1,217.89 | $2,283.92 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $67.43 |
| Taxes, insurance & HOA | $387.00 | $387.00 | $387.00 |
| Total housing payment | $1,604.89 | $2,404.70 | $2,738.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,857
Closing costs & prepaids$12,488
Usable credit−$0
Total buyer cash needed$50,345
Earnest money paid−$0
Remaining funds due$50,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,140.71
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)$450.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$203.08
Prepaid interest, second (9 days)$215.01
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$62,899Through Dec 2026
Assumption only · ends Dec 2049$107,996
Assumption + second · ends Dec 2049, second Jan 2057$286,925
New conventional · ends Jan 2057$492,959