Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $145,405
- Funds due
- $156,761
- Interest + MI left
- $102,510
- First ends
- Feb 2051
Assumption
Assumption + second
$2,384/mo
+$756/mo- Down payment
- $42,405
- Funds due
- $55,056
- Interest + MI left
- $271,590
- First ends
- Feb 2051
New loan
New conventional
$3,004/mo
+$1,376/mo- Down payment
- $42,405
- Funds due
- $51,306
- Interest + MI left
- $564,991
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,595 | $269,595 | $372,595 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,278.71 | $1,278.71 | $2,579.77 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $74.52 |
| Taxes, insurance & HOA | $349.58 | $349.58 | $349.58 |
| Total housing payment | $1,628.30 | $2,384.07 | $3,003.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,405
Closing costs & prepaids$12,651
Usable credit−$0
Total buyer cash needed$55,056
Earnest money paid−$0
Remaining funds due$55,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,347.98
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)$385.75
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$41.51
Prepaid interest, second (2 days)$45.15
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 closing24 yr 3 moOf the original 30-year loan at 2.810%
Interest already paid$47,026Through Nov 2026
Assumption only · ends Feb 2051$102,510
Assumption + second · ends Feb 2051, second Dec 2056$271,590
New conventional · ends Dec 2056$564,991