Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $118,055
- Funds due
- $128,688
- Interest + MI left
- $68,900
- First ends
- Apr 2051
Assumption
Assumption + second
$2,177/mo
+$708/mo- Down payment
- $30,055
- Funds due
- $42,133
- Interest + MI left
- $235,804
- First ends
- Apr 2051
New loan
New conventional
$2,493/mo
+$1,024/mo- Down payment
- $30,055
- Funds due
- $39,037
- Interest + MI left
- $394,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,945 | $181,945 | $269,945 |
| Second mortgage | — | $88,000 | — |
| First P&I | $859.06 | $859.06 | $1,828.70 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $53.99 |
| Taxes, insurance & HOA | $610.00 | $610.00 | $610.00 |
| Total housing payment | $1,469.06 | $2,177.13 | $2,492.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,055
Closing costs & prepaids$12,078
Usable credit−$0
Total buyer cash needed$42,133
Earnest money paid−$0
Remaining funds due$42,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$909.73
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)$360.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (9 days)$125.17
Prepaid interest, second (9 days)$195.29
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 closing24 yr 4 moOf the original 30-year loan at 2.79%
Interest already paid$31,020Through Dec 2026
Assumption only · ends Apr 2051$68,900
Assumption + second · ends Apr 2051, second Jan 2057$235,804
New conventional · ends Jan 2057$394,704