Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,806/mo
Lowest payment- Down payment
- $189,244
- Funds due
- $205,135
- Interest + MI left
- $188,155
- First ends
- Nov 2051
Assumption
Assumption + second
$3,694/mo
+$888/mo- Down payment
- $68,244
- Funds due
- $85,438
- Interest + MI left
- $386,783
- First ends
- Nov 2051
New loan
New conventional
$4,876/mo
+$2,070/mo- Down payment
- $68,244
- Funds due
- $80,410
- Interest + MI left
- $917,790
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,256 | $484,256 | $605,256 |
| Second mortgage | — | $121,000 | — |
| First P&I | $2,241.37 | $2,241.37 | $4,190.67 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $121.05 |
| Taxes, insurance & HOA | $564.50 | $564.50 | $564.50 |
| Total housing payment | $2,805.87 | $3,693.73 | $4,876.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,244
Closing costs & prepaids$17,195
Usable credit−$0
Total buyer cash needed$85,438
Earnest money paid−$0
Remaining funds due$85,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,735.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,421.28
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$923.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$73.77
Prepaid interest, second (2 days)$53.04
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 2.780%
Interest already paid$71,839Through Nov 2026
Assumption only · ends Nov 2051$188,155
Assumption + second · ends Nov 2051, second Dec 2056$386,783
New conventional · ends Dec 2056$917,790