Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
Lowest payment- Down payment
- $101,397
- Funds due
- $113,384
- Interest + MI left
- $90,575
- First ends
- Dec 2050
Assumption
Assumption + second
$2,534/mo
+$539/mo- Down payment
- $34,397
- Funds due
- $47,717
- Interest + MI left
- $217,650
- First ends
- Dec 2050
New loan
New conventional
$2,966/mo
+$971/mo- Down payment
- $34,397
- Funds due
- $44,283
- Interest + MI left
- $439,471
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,603 | $233,603 | $300,603 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,125.62 | $1,125.62 | $2,036.39 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $60.12 |
| Taxes, insurance & HOA | $869.75 | $869.75 | $869.75 |
| Total housing payment | $1,995.37 | $2,534.47 | $2,966.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,397
Closing costs & prepaids$13,320
Usable credit−$0
Total buyer cash needed$47,717
Earnest money paid−$0
Remaining funds due$47,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,168.02
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)$854.25
Initial HOA (3 months)$1,305.00
Prepaid interest, first (5 days)$92.48
Prepaid interest, second (5 days)$82.60
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$43,868Through Dec 2026
Assumption only · ends Dec 2050$90,575
Assumption + second · ends Dec 2050, second Jan 2057$217,650
New conventional · ends Jan 2057$439,471