Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,827/mo
Lowest payment- Down payment
- $46,447
- Funds due
- $57,506
- Interest + MI left
- $124,649
- First ends
- Nov 2051
Assumption
Assumption + second
$2,113/mo
+$285/mo- Down payment
- $18,447
- Funds due
- $30,774
- Interest + MI left
- $199,365
- First ends
- Nov 2051
New loan
New conventional
$2,781/mo
+$954/mo- Down payment
- $18,447
- Funds due
- $27,074
- Interest + MI left
- $512,155
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,553 | $308,553 | $336,553 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,444.01 | $1,444.01 | $2,330.22 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $67.31 |
| Taxes, insurance & HOA | $383.33 | $383.33 | $383.33 |
| Total housing payment | $1,827.34 | $2,112.66 | $2,780.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,447
Closing costs & prepaids$12,328
Usable credit−$0
Total buyer cash needed$30,774
Earnest money paid−$0
Remaining funds due$30,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.77
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)$406.00
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$48.69
Prepaid interest, second (2 days)$18.22
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 yrOf the original 30-year loan at 2.880%
Interest already paid$47,374Through Nov 2026
Assumption only · ends Nov 2051$124,649
Assumption + second · ends Nov 2051, second Dec 2056$199,365
New conventional · ends Dec 2056$512,155