Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,858/mo
Lowest payment- Down payment
- $154,617
- Funds due
- $169,523
- Interest + MI left
- $351,261
- First ends
- Dec 2055
Assumption
Assumption + second
$3,647/mo
+$789/mo- Down payment
- $56,617
- Funds due
- $72,893
- Interest + MI left
- $537,132
- First ends
- Dec 2055
New loan
New conventional
$4,188/mo
+$1,330/mo- Down payment
- $56,617
- Funds due
- $68,369
- Interest + MI left
- $733,734
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,813 | $403,813 | $501,813 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $3,399.46 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $100.36 |
| Taxes, insurance & HOA | $688.33 | $688.33 | $688.33 |
| Total housing payment | $2,858.09 | $3,646.62 | $4,188.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,617
Closing costs & prepaids$16,277
Usable credit−$0
Total buyer cash needed$72,893
Earnest money paid−$0
Remaining funds due$72,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,584.30
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.07
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)$1,424.00
Initial HOA (3 months)$141.00
Prepaid interest, first (5 days)$269.67
Prepaid interest, second (5 days)$120.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing29 yrOf the original 30-year loan at 4.875%
Interest already paid$19,850Through Dec 2026
Assumption only · ends Dec 2055$351,261
Assumption + second · ends Dec 2055, second Jan 2057$537,132
New conventional · ends Jan 2057$733,734