Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $388,119
- Funds due
- $400,483
- Interest + MI left
- $154,825
- First ends
- Dec 2054
Assumption
Assumption + second
$3,702/mo
+$2,407/mo- Down payment
- $52,119
- Funds due
- $66,375
- Interest + MI left
- $685,397
- First ends
- Dec 2054
New loan
New conventional
$3,705/mo
+$2,410/mo- Down payment
- $52,119
- Funds due
- $63,126
- Interest + MI left
- $684,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,881 | $131,881 | $467,881 |
| Second mortgage | — | $336,000 | — |
| First P&I | $853.29 | $853.29 | $3,169.59 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $93.58 |
| Taxes, insurance & HOA | $441.67 | $441.67 | $441.67 |
| Total housing payment | $1,294.96 | $3,702.10 | $3,704.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,119
Closing costs & prepaids$14,256
Usable credit−$0
Total buyer cash needed$66,375
Earnest money paid−$0
Remaining funds due$66,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$659.41
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)$624.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$211.37
Prepaid interest, second (9 days)$642.08
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$17,360Through Dec 2026
Assumption only · ends Dec 2054$154,825
Assumption + second · ends Dec 2054, second Jan 2057$685,397
New conventional · ends Jan 2057$684,119