Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $91,477
- Funds due
- $106,493
- Interest + MI left
- $195,314
- First ends
- Dec 2051
Assumption
Assumption + second
$3,041/mo
+$266/mo- Down payment
- $58,477
- Funds due
- $74,817
- Interest + MI left
- $257,903
- First ends
- Dec 2051
New loan
New conventional
$4,115/mo
+$1,339/mo- Down payment
- $58,477
- Funds due
- $70,269
- Interest + MI left
- $755,066
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,473 | $483,473 | $516,473 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,262.62 | $2,262.62 | $3,498.77 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $103.29 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $2,775.29 | $3,040.81 | $4,114.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,477
Closing costs & prepaids$16,339
Usable credit−$0
Total buyer cash needed$74,817
Earnest money paid−$0
Remaining funds due$74,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,417.36
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)$690.00
Initial HOA (3 months)$348.00
Prepaid interest, first (9 days)$343.33
Prepaid interest, second (9 days)$73.23
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$74,230Through Dec 2026
Assumption only · ends Dec 2051$195,314
Assumption + second · ends Dec 2051, second Jan 2057$257,903
New conventional · ends Jan 2057$755,066