Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,095/mo
Lowest payment- Down payment
- $51,143
- Funds due
- $63,094
- Interest + MI left
- $132,317
- First ends
- Dec 2051
Assumption
Assumption + second
$2,421/mo
+$326/mo- Down payment
- $19,143
- Funds due
- $32,365
- Interest + MI left
- $217,706
- First ends
- Dec 2051
New loan
New conventional
$3,133/mo
+$1,039/mo- Down payment
- $19,143
- Funds due
- $28,560
- Interest + MI left
- $549,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,856 | $328,856 | $360,856 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,532.14 | $1,532.14 | $2,498.49 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $72.17 |
| Taxes, insurance & HOA | $562.50 | $562.50 | $562.50 |
| Total housing payment | $2,094.64 | $2,420.72 | $3,133.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,143
Closing costs & prepaids$13,222
Usable credit−$0
Total buyer cash needed$32,365
Earnest money paid−$0
Remaining funds due$32,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,644.28
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)$484.50
Initial HOA (3 months)$753.00
Prepaid interest, first (2 days)$51.54
Prepaid interest, second (2 days)$20.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$49,252Through Nov 2026
Assumption only · ends Dec 2051$132,317
Assumption + second · ends Dec 2051, second Dec 2056$217,706
New conventional · ends Dec 2056$549,211