Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $217,642
- Funds due
- $231,382
- Interest + MI left
- $129,014
- First ends
- Dec 2051
Assumption
Assumption + second
$3,217/mo
+$1,196/mo- Down payment
- $54,642
- Funds due
- $69,953
- Interest + MI left
- $396,587
- First ends
- Dec 2051
New loan
New conventional
$3,890/mo
+$1,870/mo- Down payment
- $54,642
- Funds due
- $66,073
- Interest + MI left
- $705,191
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,358 | $319,358 | $482,358 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,494.58 | $1,494.58 | $3,267.66 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $96.47 |
| Taxes, insurance & HOA | $526.17 | $526.17 | $526.17 |
| Total housing payment | $2,020.75 | $3,216.78 | $3,890.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,642
Closing costs & prepaids$15,312
Usable credit−$0
Total buyer cash needed$69,953
Earnest money paid−$0
Remaining funds due$69,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.79
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)$644.50
Initial HOA (3 months)$434.01
Prepaid interest, first (9 days)$226.79
Prepaid interest, second (9 days)$321.53
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 2.88%
Interest already paid$49,033Through Dec 2026
Assumption only · ends Dec 2051$129,014
Assumption + second · ends Dec 2051, second Jan 2057$396,587
New conventional · ends Jan 2057$705,191