Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $89,594
- Funds due
- $101,335
- Interest + MI left
- $131,673
- First ends
- Dec 2051
Assumption
Assumption + second
$2,265/mo
+$394/mo- Down payment
- $40,594
- Funds due
- $53,694
- Interest + MI left
- $224,608
- First ends
- Dec 2051
New loan
New conventional
$2,904/mo
+$1,033/mo- Down payment
- $40,594
- Funds due
- $49,990
- Interest + MI left
- $525,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,406 | $310,406 | $359,406 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,473.60 | $1,473.60 | $2,434.74 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $397.00 | $397.00 | $397.00 |
| Total housing payment | $1,870.60 | $2,264.86 | $2,903.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,594
Closing costs & prepaids$13,100
Usable credit−$0
Total buyer cash needed$53,694
Earnest money paid−$0
Remaining funds due$53,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,552.03
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)$480.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$230.38
Prepaid interest, second (9 days)$108.74
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$49,747Through Dec 2026
Assumption only · ends Dec 2051$131,673
Assumption + second · ends Dec 2051, second Jan 2057$224,608
New conventional · ends Jan 2057$525,511