Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
Lowest payment- Down payment
- $281,825
- Funds due
- $299,598
- Interest + MI left
- $192,031
- First ends
- Dec 2051
Assumption
Assumption + second
$4,330/mo
+$1,469/mo- Down payment
- $76,825
- Funds due
- $96,239
- Interest + MI left
- $515,743
- First ends
- Dec 2051
New loan
New conventional
$5,388/mo
+$2,527/mo- Down payment
- $76,825
- Funds due
- $91,520
- Interest + MI left
- $997,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,175 | $477,175 | $682,175 |
| Second mortgage | — | $205,000 | — |
| First P&I | $2,230.68 | $2,230.68 | $4,621.29 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $136.44 |
| Taxes, insurance & HOA | $630.25 | $630.25 | $630.25 |
| Total housing payment | $2,860.93 | $4,329.58 | $5,387.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,825
Closing costs & prepaids$19,414
Usable credit−$0
Total buyer cash needed$96,239
Earnest money paid−$0
Remaining funds due$96,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,385.87
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$910.75
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$337.68
Prepaid interest, second (9 days)$391.75
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 2.87%
Interest already paid$73,016Through Dec 2026
Assumption only · ends Dec 2051$192,031
Assumption + second · ends Dec 2051, second Jan 2057$515,743
New conventional · ends Jan 2057$997,453