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
- $183,610
- Funds due
- $197,251
- Interest + MI left
- $141,930
- First ends
- Dec 2051
Assumption
Assumption + second
$3,106/mo
+$954/mo- Down payment
- $53,610
- Funds due
- $68,530
- Interest + MI left
- $355,331
- First ends
- Dec 2051
New loan
New conventional
$3,942/mo
+$1,790/mo- Down payment
- $53,610
- Funds due
- $64,235
- Interest + MI left
- $730,060
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,390 | $351,390 | $481,390 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,638.93 | $1,638.93 | $3,333.05 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $96.28 |
| Taxes, insurance & HOA | $512.75 | $512.75 | $512.75 |
| Total housing payment | $2,151.68 | $3,105.58 | $3,942.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,610
Closing costs & prepaids$14,919
Usable credit−$0
Total buyer cash needed$68,530
Earnest money paid−$0
Remaining funds due$68,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,756.95
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)$654.25
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$27.63
Prepaid interest, second (1 days)$28.49
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 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$52,806Through Nov 2026
Assumption only · ends Dec 2051$141,930
Assumption + second · ends Dec 2051, second Dec 2056$355,331
New conventional · ends Dec 2056$730,060