Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,214/mo
Lowest payment- Down payment
- $237,619
- Funds due
- $253,556
- Interest + MI left
- $498,822
- First ends
- Dec 2055
Assumption
Assumption + second
$4,483/mo
+$1,269/mo- Down payment
- $64,619
- Funds due
- $82,147
- Interest + MI left
- $782,811
- First ends
- Dec 2055
New loan
New conventional
$4,657/mo
+$1,444/mo- Down payment
- $64,619
- Funds due
- $77,454
- Interest + MI left
- $848,613
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,381 | $407,381 | $580,381 |
| Second mortgage | — | $173,000 | — |
| First P&I | $2,604.03 | $2,604.03 | $3,931.70 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $116.08 |
| Taxes, insurance & HOA | $609.67 | $609.67 | $609.67 |
| Total housing payment | $3,213.70 | $4,483.11 | $4,657.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,619
Closing costs & prepaids$17,528
Usable credit−$0
Total buyer cash needed$82,147
Earnest money paid−$0
Remaining funds due$82,147
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,036.91
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)$774.00
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$652.93
Prepaid interest, second (9 days)$341.26
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 closing29 yrOf the original 30-year loan at 6.5%
Interest already paid$26,644Through Dec 2026
Assumption only · ends Dec 2055$498,822
Assumption + second · ends Dec 2055, second Jan 2057$782,811
New conventional · ends Jan 2057$848,613