Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $173,622
- Funds due
- $184,535
- Interest + MI left
- $87,712
- First ends
- Feb 2051
Assumption
Assumption + second
$2,388/mo
+$976/mo- Down payment
- $40,622
- Funds due
- $52,814
- Interest + MI left
- $306,039
- First ends
- Feb 2051
New loan
New conventional
$2,890/mo
+$1,477/mo- Down payment
- $40,622
- Funds due
- $49,263
- Interest + MI left
- $543,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,378 | $225,378 | $358,378 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,075.91 | $1,075.91 | $2,481.34 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $71.68 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $1,412.58 | $2,388.48 | $2,889.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,622
Closing costs & prepaids$12,192
Usable credit−$0
Total buyer cash needed$52,814
Earnest money paid−$0
Remaining funds due$52,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,126.89
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)$365.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$17.72
Prepaid interest, second (1 days)$29.15
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 3 moOf the original 30-year loan at 2.870%
Interest already paid$40,126Through Nov 2026
Assumption only · ends Feb 2051$87,712
Assumption + second · ends Feb 2051, second Dec 2056$306,039
New conventional · ends Dec 2056$543,433