Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $258,081
- Funds due
- $270,743
- Interest + MI left
- $100,475
- First ends
- Dec 2051
Assumption
Assumption + second
$3,052/mo
+$1,483/mo- Down payment
- $51,081
- Funds due
- $65,389
- Interest + MI left
- $427,345
- First ends
- Dec 2051
New loan
New conventional
$3,577/mo
+$2,007/mo- Down payment
- $51,081
- Funds due
- $61,833
- Interest + MI left
- $663,558
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,819 | $246,819 | $453,819 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,157.65 | $1,157.65 | $3,074.33 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $90.76 |
| Taxes, insurance & HOA | $411.67 | $411.67 | $411.67 |
| Total housing payment | $1,569.31 | $3,052.29 | $3,576.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,081
Closing costs & prepaids$14,308
Usable credit−$0
Total buyer cash needed$65,389
Earnest money paid−$0
Remaining funds due$65,389
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,049.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,234.10
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)$606.00
Initial HOA (3 months)$129.00
Prepaid interest, first (9 days)$176.49
Prepaid interest, second (9 days)$395.57
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 2.9%
Interest already paid$38,151Through Dec 2026
Assumption only · ends Dec 2051$100,475
Assumption + second · ends Dec 2051, second Jan 2057$427,345
New conventional · ends Jan 2057$663,558