Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,010/mo
Lowest payment- Down payment
- $264,799
- Funds due
- $274,911
- Interest + MI left
- $129,801
- First ends
- Aug 2055
Assumption
Assumption + second
$2,643/mo
+$1,633/mo- Down payment
- $36,799
- Funds due
- $48,597
- Interest + MI left
- $489,832
- First ends
- Aug 2055
New loan
New conventional
$2,630/mo
+$1,620/mo- Down payment
- $36,799
- Funds due
- $45,660
- Interest + MI left
- $479,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,201 | $100,201 | $328,201 |
| Second mortgage | — | $228,000 | — |
| First P&I | $668.61 | $668.61 | $2,223.35 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $65.64 |
| Taxes, insurance & HOA | $341.00 | $341.00 | $341.00 |
| Total housing payment | $1,009.61 | $2,643.03 | $2,629.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,799
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$48,597
Earnest money paid−$0
Remaining funds due$48,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$501.00
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)$438.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$170.23
Prepaid interest, second (9 days)$435.70
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 yr 8 moOf the original 30-year loan at 6.89%
Interest already paid$9,276Through Dec 2026
Assumption only · ends Aug 2055$129,801
Assumption + second · ends Aug 2055, second Jan 2057$489,832
New conventional · ends Jan 2057$479,884