Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $91,501
- Funds due
- $103,362
- Interest + MI left
- $89,845
- First ends
- Dec 2050
Assumption
Assumption + second
$2,459/mo
+$475/mo- Down payment
- $32,501
- Funds due
- $45,685
- Interest + MI left
- $201,747
- First ends
- Dec 2050
New loan
New conventional
$2,901/mo
+$917/mo- Down payment
- $32,501
- Funds due
- $42,272
- Interest + MI left
- $427,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,499 | $233,499 | $292,499 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,122.72 | $1,122.72 | $1,981.49 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $58.50 |
| Taxes, insurance & HOA | $861.25 | $861.25 | $861.25 |
| Total housing payment | $1,983.97 | $2,458.70 | $2,901.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,501
Closing costs & prepaids$13,184
Usable credit−$0
Total buyer cash needed$45,685
Earnest money paid−$0
Remaining funds due$45,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,167.49
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)$828.75
Initial HOA (3 months)$1,305.00
Prepaid interest, first (5 days)$91.80
Prepaid interest, second (5 days)$72.74
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 2.87%
Interest already paid$43,555Through Dec 2026
Assumption only · ends Dec 2050$89,845
Assumption + second · ends Dec 2050, second Jan 2057$201,747
New conventional · ends Jan 2057$427,682