Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $188,950
- Funds due
- $198,889
- Interest + MI left
- $53,888
- First ends
- Dec 2050
Assumption
Assumption + second
$2,179/mo
+$1,145/mo- Down payment
- $32,950
- Funds due
- $44,447
- Interest + MI left
- $309,970
- First ends
- Dec 2050
New loan
New conventional
$2,425/mo
+$1,391/mo- Down payment
- $32,950
- Funds due
- $41,491
- Interest + MI left
- $432,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,050 | $140,050 | $296,050 |
| Second mortgage | — | $156,000 | — |
| First P&I | $673.40 | $673.40 | $2,005.55 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $59.21 |
| Taxes, insurance & HOA | $360.58 | $360.58 | $360.58 |
| Total housing payment | $1,033.98 | $2,178.65 | $2,425.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,950
Closing costs & prepaids$11,497
Usable credit−$0
Total buyer cash needed$44,447
Earnest money paid−$0
Remaining funds due$44,447
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$700.25
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)$394.75
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$99.11
Prepaid interest, second (9 days)$307.73
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 closing24 yrOf the original 30-year loan at 2.87%
Interest already paid$26,124Through Dec 2026
Assumption only · ends Dec 2050$53,888
Assumption + second · ends Dec 2050, second Jan 2057$309,970
New conventional · ends Jan 2057$432,874