Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,212/mo
Lowest payment- Down payment
- $209,388
- Funds due
- $219,576
- Interest + MI left
- $160,556
- First ends
- Dec 2055
Assumption
Assumption + second
$2,489/mo
+$1,277/mo- Down payment
- $35,388
- Funds due
- $47,169
- Interest + MI left
- $446,187
- First ends
- Dec 2055
New loan
New conventional
$2,519/mo
+$1,306/mo- Down payment
- $35,388
- Funds due
- $44,090
- Interest + MI left
- $451,911
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,112 | $135,112 | $309,112 |
| Second mortgage | — | $174,000 | — |
| First P&I | $849.62 | $849.62 | $2,094.03 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $61.82 |
| Taxes, insurance & HOA | $362.83 | $362.83 | $362.83 |
| Total housing payment | $1,212.46 | $2,489.21 | $2,518.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,388
Closing costs & prepaids$11,782
Usable credit−$0
Total buyer cash needed$47,169
Earnest money paid−$0
Remaining funds due$47,169
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,445.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$675.56
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)$413.50
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$211.22
Prepaid interest, second (9 days)$343.23
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 closing29 yrOf the original 30-year loan at 6.34%
Interest already paid$8,621Through Dec 2026
Assumption only · ends Dec 2055$160,556
Assumption + second · ends Dec 2055, second Jan 2057$446,187
New conventional · ends Jan 2057$451,911