Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $84,030
- Funds due
- $94,889
- Interest + MI left
- $112,780
- First ends
- Dec 2051
Assumption
Assumption + second
$2,011/mo
+$394/mo- Down payment
- $35,030
- Funds due
- $47,248
- Interest + MI left
- $205,716
- First ends
- Dec 2051
New loan
New conventional
$2,551/mo
+$934/mo- Down payment
- $35,030
- Funds due
- $43,776
- Interest + MI left
- $460,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,870 | $265,870 | $314,870 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,262.17 | $1,262.17 | $2,133.04 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $62.97 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $1,617.17 | $2,011.43 | $2,551.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,030
Closing costs & prepaids$12,217
Usable credit−$0
Total buyer cash needed$47,248
Earnest money paid−$0
Remaining funds due$47,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,329.35
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)$420.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$197.33
Prepaid interest, second (9 days)$108.74
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 3.01%
Interest already paid$42,610Through Dec 2026
Assumption only · ends Dec 2051$112,780
Assumption + second · ends Dec 2051, second Jan 2057$205,716
New conventional · ends Jan 2057$460,392