Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $120,381
- Funds due
- $133,801
- Interest + MI left
- $151,010
- First ends
- Nov 2051
Assumption
Assumption + second
$2,840/mo
+$563/mo- Down payment
- $50,381
- Funds due
- $65,069
- Interest + MI left
- $283,775
- First ends
- Nov 2051
New loan
New conventional
$3,711/mo
+$1,434/mo- Down payment
- $50,381
- Funds due
- $60,668
- Interest + MI left
- $681,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,618 | $379,618 | $449,618 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,768.76 | $1,768.76 | $3,113.06 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $89.92 |
| Taxes, insurance & HOA | $508.25 | $508.25 | $508.25 |
| Total housing payment | $2,277.01 | $2,840.24 | $3,711.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,381
Closing costs & prepaids$14,688
Usable credit−$0
Total buyer cash needed$65,069
Earnest money paid−$0
Remaining funds due$65,069
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,898.09
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)$649.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$29.54
Prepaid interest, second (1 days)$17.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$57,497Through Nov 2026
Assumption only · ends Nov 2051$151,010
Assumption + second · ends Nov 2051, second Dec 2056$283,775
New conventional · ends Dec 2056$681,876