Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $92,695
- Funds due
- $105,172
- Interest + MI left
- $127,225
- First ends
- Oct 2051
Assumption
Assumption + second
$2,563/mo
+$410/mo- Down payment
- $41,695
- Funds due
- $55,434
- Interest + MI left
- $223,954
- First ends
- Oct 2051
New loan
New conventional
$3,289/mo
+$1,137/mo- Down payment
- $41,695
- Funds due
- $51,425
- Interest + MI left
- $558,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,305 | $317,305 | $368,305 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,486.72 | $1,486.72 | $2,550.07 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $73.66 |
| Taxes, insurance & HOA | $665.67 | $665.67 | $665.67 |
| Total housing payment | $2,152.39 | $2,562.75 | $3,289.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,695
Closing costs & prepaids$13,739
Usable credit−$0
Total buyer cash needed$55,434
Earnest money paid−$0
Remaining funds due$55,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,586.52
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)$485.00
Initial HOA (3 months)$1,062.00
Prepaid interest, first (1 days)$24.95
Prepaid interest, second (1 days)$12.58
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 closing24 yr 11 moOf the original 30-year loan at 2.870%
Interest already paid$49,425Through Nov 2026
Assumption only · ends Oct 2051$127,225
Assumption + second · ends Oct 2051, second Dec 2056$223,954
New conventional · ends Dec 2056$558,486