Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,148/mo
Lowest payment- Down payment
- $184,409
- Funds due
- $198,254
- Interest + MI left
- $141,089
- First ends
- Dec 2051
Assumption
Assumption + second
$3,101/mo
+$954/mo- Down payment
- $54,409
- Funds due
- $69,760
- Interest + MI left
- $354,491
- First ends
- Dec 2051
New loan
New conventional
$3,860/mo
+$1,713/mo- Down payment
- $54,409
- Funds due
- $65,767
- Interest + MI left
- $702,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,591 | $350,591 | $480,591 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,638.93 | $1,638.93 | $3,255.69 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $96.12 |
| Taxes, insurance & HOA | $508.67 | $508.67 | $508.67 |
| Total housing payment | $2,147.60 | $3,101.50 | $3,860.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,409
Closing costs & prepaids$15,351
Usable credit−$0
Total buyer cash needed$69,760
Earnest money paid−$0
Remaining funds due$69,760
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.96
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)$642.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$248.10
Prepaid interest, second (9 days)$256.44
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 2.87%
Interest already paid$53,646Through Dec 2026
Assumption only · ends Dec 2051$141,089
Assumption + second · ends Dec 2051, second Jan 2057$354,491
New conventional · ends Jan 2057$702,607