Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $275,890
- Funds due
- $287,901
- Interest + MI left
- $83,089
- First ends
- Dec 2051
Assumption
Assumption + second
$2,942/mo
+$1,626/mo- Down payment
- $48,890
- Funds due
- $62,585
- Interest + MI left
- $441,541
- First ends
- Dec 2051
New loan
New conventional
$3,365/mo
+$2,049/mo- Down payment
- $48,890
- Funds due
- $59,215
- Interest + MI left
- $630,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,110 | $204,110 | $431,110 |
| Second mortgage | — | $227,000 | — |
| First P&I | $957.33 | $957.33 | $2,920.49 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $86.22 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,316.00 | $2,942.25 | $3,365.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,890
Closing costs & prepaids$13,694
Usable credit−$0
Total buyer cash needed$62,585
Earnest money paid−$0
Remaining funds due$62,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,020.55
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)$576.00
Prepaid interest, first (9 days)$145.95
Prepaid interest, second (9 days)$433.79
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$31,550Through Dec 2026
Assumption only · ends Dec 2051$83,089
Assumption + second · ends Dec 2051, second Jan 2057$441,541
New conventional · ends Jan 2057$630,268