Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $131,348
- Funds due
- $142,669
- Interest + MI left
- $106,828
- First ends
- Nov 2051
Assumption
Assumption + second
$2,380/mo
+$732/mo- Down payment
- $40,348
- Funds due
- $52,941
- Interest + MI left
- $279,423
- First ends
- Nov 2051
New loan
New conventional
$2,958/mo
+$1,310/mo- Down payment
- $40,348
- Funds due
- $49,182
- Interest + MI left
- $545,285
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,552 | $268,552 | $359,552 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,251.27 | $1,251.27 | $2,489.47 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $396.83 | $396.83 | $396.83 |
| Total housing payment | $1,648.10 | $2,380.31 | $2,958.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,348
Closing costs & prepaids$12,594
Usable credit−$0
Total buyer cash needed$52,941
Earnest money paid−$0
Remaining funds due$52,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,342.76
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)$449.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$20.90
Prepaid interest, second (1 days)$22.44
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$40,675Through Nov 2026
Assumption only · ends Nov 2051$106,828
Assumption + second · ends Nov 2051, second Dec 2056$279,423
New conventional · ends Dec 2056$545,285