Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $99,701
- Funds due
- $112,219
- Interest + MI left
- $141,514
- First ends
- Dec 2051
Assumption
Assumption + second
$2,490/mo
+$434/mo- Down payment
- $45,701
- Funds due
- $59,588
- Interest + MI left
- $243,932
- First ends
- Dec 2051
New loan
New conventional
$3,236/mo
+$1,180/mo- Down payment
- $45,701
- Funds due
- $55,684
- Interest + MI left
- $591,071
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,299 | $350,299 | $404,299 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,639.37 | $1,639.37 | $2,738.86 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $80.86 |
| Taxes, insurance & HOA | $416.33 | $416.33 | $416.33 |
| Total housing payment | $2,055.70 | $2,490.20 | $3,236.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,701
Closing costs & prepaids$13,887
Usable credit−$0
Total buyer cash needed$59,588
Earnest money paid−$0
Remaining funds due$59,588
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%)$1,751.49
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)$258.99
Prepaid interest, first (9 days)$248.76
Prepaid interest, second (9 days)$119.84
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 2.88%
Interest already paid$53,783Through Dec 2026
Assumption only · ends Dec 2051$141,514
Assumption + second · ends Dec 2051, second Jan 2057$243,932
New conventional · ends Jan 2057$591,071