Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $198,570
- Funds due
- $210,519
- Interest + MI left
- $117,181
- First ends
- Dec 2049
Assumption
Assumption + second
$2,859/mo
+$1,123/mo- Down payment
- $45,570
- Funds due
- $59,071
- Interest + MI left
- $368,338
- First ends
- Dec 2049
New loan
New conventional
$3,222/mo
+$1,485/mo- Down payment
- $45,570
- Funds due
- $55,508
- Interest + MI left
- $591,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,430 | $251,430 | $404,430 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,335.55 | $1,335.55 | $2,739.75 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $80.89 |
| Taxes, insurance & HOA | $401.00 | $401.00 | $401.00 |
| Total housing payment | $1,736.55 | $2,859.21 | $3,221.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,570
Closing costs & prepaids$13,501
Usable credit−$0
Total buyer cash needed$59,071
Earnest money paid−$0
Remaining funds due$59,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,257.15
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)$540.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$220.71
Prepaid interest, second (9 days)$301.81
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 closing23 yrOf the original 30-year loan at 3.56%
Interest already paid$68,403Through Dec 2026
Assumption only · ends Dec 2049$117,181
Assumption + second · ends Dec 2049, second Jan 2057$368,338
New conventional · ends Jan 2057$591,344