Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
Lowest payment- Down payment
- $162,689
- Funds due
- $177,523
- Interest + MI left
- $425,186
- First ends
- Dec 2054
Assumption
Assumption + second
$3,807/mo
+$785/mo- Down payment
- $55,689
- Funds due
- $71,984
- Interest + MI left
- $600,832
- First ends
- Dec 2054
New loan
New conventional
$4,071/mo
+$1,049/mo- Down payment
- $55,689
- Funds due
- $67,507
- Interest + MI left
- $730,075
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,311 | $392,311 | $499,311 |
| Second mortgage | — | $107,000 | — |
| First P&I | $2,433.02 | $2,433.02 | $3,382.51 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $99.86 |
| Taxes, insurance & HOA | $588.67 | $588.67 | $588.67 |
| Total housing payment | $3,021.69 | $3,806.82 | $4,071.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,689
Closing costs & prepaids$16,295
Usable credit−$0
Total buyer cash needed$71,984
Earnest money paid−$0
Remaining funds due$71,984
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,961.55
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$666.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$588.14
Prepaid interest, second (9 days)$211.07
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 closing28 yrOf the original 30-year loan at 6.08%
Interest already paid$48,353Through Dec 2026
Assumption only · ends Dec 2054$425,186
Assumption + second · ends Dec 2054, second Jan 2057$600,832
New conventional · ends Jan 2057$730,075