Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,040/mo
Lowest payment- Down payment
- $51,193
- Funds due
- $62,990
- Interest + MI left
- $111,905
- First ends
- Dec 2051
Assumption
Assumption + second
$2,397/mo
+$357/mo- Down payment
- $16,193
- Funds due
- $29,343
- Interest + MI left
- $205,299
- First ends
- Dec 2051
New loan
New conventional
$2,872/mo
+$832/mo- Down payment
- $16,193
- Funds due
- $26,049
- Interest + MI left
- $438,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,807 | $263,807 | $298,807 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,252.37 | $1,252.37 | $2,024.22 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $59.76 |
| Taxes, insurance & HOA | $788.00 | $788.00 | $788.00 |
| Total housing payment | $2,040.37 | $2,397.02 | $2,871.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,193
Closing costs & prepaids$13,149
Usable credit−$0
Total buyer cash needed$29,343
Earnest money paid−$0
Remaining funds due$29,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,319.03
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)$378.00
Initial HOA (3 months)$1,536.00
Prepaid interest, first (9 days)$195.80
Prepaid interest, second (9 days)$102.48
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 3.01%
Interest already paid$42,279Through Dec 2026
Assumption only · ends Dec 2051$111,905
Assumption + second · ends Dec 2051, second Jan 2057$205,299
New conventional · ends Jan 2057$438,459