Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,453/mo
Lowest payment- Down payment
- $79,497
- Funds due
- $89,834
- Interest + MI left
- $99,986
- First ends
- Dec 2051
Assumption
Assumption + second
$1,824/mo
+$370/mo- Down payment
- $33,497
- Funds due
- $45,186
- Interest + MI left
- $187,232
- First ends
- Dec 2051
New loan
New conventional
$2,342/mo
+$889/mo- Down payment
- $33,497
- Funds due
- $41,812
- Interest + MI left
- $429,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,503 | $247,503 | $293,503 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,158.30 | $1,158.30 | $1,988.29 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $58.70 |
| Taxes, insurance & HOA | $295.16 | $295.16 | $295.16 |
| Total housing payment | $1,453.46 | $1,823.59 | $2,342.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,497
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$45,186
Earnest money paid−$0
Remaining funds due$45,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,270.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.51
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)$392.50
Initial HOA (3 months)$42.99
Prepaid interest, first (9 days)$175.76
Prepaid interest, second (9 days)$102.08
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$38,000Through Dec 2026
Assumption only · ends Dec 2051$99,986
Assumption + second · ends Dec 2051, second Jan 2057$187,232
New conventional · ends Jan 2057$429,091