Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $220,308
- Funds due
- $231,862
- Interest + MI left
- $93,096
- First ends
- Dec 2051
Assumption
Assumption + second
$2,686/mo
+$1,284/mo- Down payment
- $45,308
- Funds due
- $58,457
- Interest + MI left
- $380,367
- First ends
- Dec 2051
New loan
New conventional
$3,145/mo
+$1,743/mo- Down payment
- $45,308
- Funds due
- $55,023
- Interest + MI left
- $590,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,692 | $228,692 | $403,692 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,072.62 | $1,072.62 | $2,734.75 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $80.74 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,402.21 | $2,686.30 | $3,145.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,308
Closing costs & prepaids$13,149
Usable credit−$0
Total buyer cash needed$58,457
Earnest money paid−$0
Remaining funds due$58,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,143.46
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)$538.75
Prepaid interest, first (9 days)$163.53
Prepaid interest, second (9 days)$345.21
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 2.9%
Interest already paid$35,349Through Dec 2026
Assumption only · ends Dec 2051$93,096
Assumption + second · ends Dec 2051, second Jan 2057$380,367
New conventional · ends Jan 2057$590,264