Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,688/mo
Lowest payment- Down payment
- $179,643
- Funds due
- $199,650
- Interest + MI left
- $244,817
- First ends
- Dec 2051
Assumption
Assumption + second
$4,420/mo
+$732/mo- Down payment
- $88,643
- Funds due
- $110,102
- Interest + MI left
- $417,411
- First ends
- Dec 2051
New loan
New conventional
$6,088/mo
+$2,400/mo- Down payment
- $88,643
- Funds due
- $104,438
- Interest + MI left
- $1,157,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $700,347 | $700,347 | $791,347 |
| Second mortgage | — | $91,000 | — |
| First P&I | $3,119.48 | $3,119.48 | $5,360.86 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $158.27 |
| Taxes, insurance & HOA | $568.67 | $568.67 | $568.67 |
| Total housing payment | $3,688.15 | $4,420.35 | $6,087.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,643
Closing costs & prepaids$21,459
Usable credit−$0
Total buyer cash needed$110,102
Earnest money paid−$0
Remaining funds due$110,102
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,799.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,501.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,056.00
Prepaid interest, first (9 days)$431.72
Prepaid interest, second (9 days)$201.95
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 2.5%
Interest already paid$93,024Through Dec 2026
Assumption only · ends Dec 2051$244,817
Assumption + second · ends Dec 2051, second Jan 2057$417,411
New conventional · ends Jan 2057$1,157,080