Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $329,704
- Funds due
- $343,482
- Interest + MI left
- $250,173
- First ends
- Dec 2052
Assumption
Assumption + second
$4,110/mo
+$1,970/mo- Down payment
- $54,704
- Funds due
- $70,258
- Interest + MI left
- $684,421
- First ends
- Dec 2052
New loan
New conventional
$4,048/mo
+$1,908/mo- Down payment
- $54,704
- Funds due
- $66,584
- Interest + MI left
- $709,419
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,184 | $210,184 | $485,184 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,475.50 | $1,475.50 | $3,286.81 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $97.04 |
| Taxes, insurance & HOA | $664.58 | $664.58 | $664.58 |
| Total housing payment | $2,140.09 | $4,110.22 | $4,048.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,704
Closing costs & prepaids$15,554
Usable credit−$0
Total buyer cash needed$70,258
Earnest money paid−$0
Remaining funds due$70,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,398.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,050.92
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)$647.75
Initial HOA (3 months)$846.00
Prepaid interest, first (9 days)$366.93
Prepaid interest, second (9 days)$525.51
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 closing26 yrOf the original 30-year loan at 7.08%
Interest already paid$61,008Through Dec 2026
Assumption only · ends Dec 2052$250,173
Assumption + second · ends Dec 2052, second Jan 2057$684,421
New conventional · ends Jan 2057$709,419