Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
Lowest payment- Down payment
- $174,185
- Funds due
- $189,229
- Interest + MI left
- $158,839
- First ends
- Dec 2049
Assumption
Assumption + second
$3,735/mo
+$895/mo- Down payment
- $52,185
- Funds due
- $68,586
- Interest + MI left
- $359,109
- First ends
- Dec 2049
New loan
New conventional
$4,235/mo
+$1,396/mo- Down payment
- $52,185
- Funds due
- $64,437
- Interest + MI left
- $668,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,815 | $340,815 | $462,815 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,810.34 | $1,810.34 | $3,113.39 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $92.56 |
| Taxes, insurance & HOA | $1,029.42 | $1,029.42 | $1,029.42 |
| Total housing payment | $2,839.76 | $3,734.95 | $4,235.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,185
Closing costs & prepaids$16,400
Usable credit−$0
Total buyer cash needed$68,586
Earnest money paid−$0
Remaining funds due$68,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,704.07
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)$1,313.25
Initial HOA (3 months)$1,275.00
Prepaid interest, first (4 days)$132.96
Prepaid interest, second (4 days)$106.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing23 yrOf the original 30-year loan at 3.56%
Interest already paid$92,720Through Dec 2026
Assumption only · ends Dec 2049$158,839
Assumption + second · ends Dec 2049, second Jan 2057$359,109
New conventional · ends Jan 2057$668,741