Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $74,370
- Funds due
- $83,976
- Interest + MI left
- $82,985
- First ends
- Dec 2051
Assumption
Assumption + second
$1,645/mo
+$378/mo- Down payment
- $27,370
- Funds due
- $38,330
- Interest + MI left
- $172,127
- First ends
- Dec 2051
New loan
New conventional
$2,030/mo
+$763/mo- Down payment
- $27,370
- Funds due
- $35,215
- Interest + MI left
- $354,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,630 | $195,630 | $242,630 |
| Second mortgage | — | $47,000 | — |
| First P&I | $928.72 | $928.72 | $1,643.66 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $48.53 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,266.72 | $1,644.89 | $2,030.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,370
Closing costs & prepaids$10,960
Usable credit−$0
Total buyer cash needed$38,330
Earnest money paid−$0
Remaining funds due$38,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$978.15
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)$324.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$145.19
Prepaid interest, second (9 days)$104.30
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$31,353Through Dec 2026
Assumption only · ends Dec 2051$82,985
Assumption + second · ends Dec 2051, second Jan 2057$172,127
New conventional · ends Jan 2057$354,765