Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $125,419
- Funds due
- $137,456
- Interest + MI left
- $116,537
- First ends
- Nov 2051
Assumption
Assumption + second
$2,563/mo
+$668/mo- Down payment
- $42,419
- Funds due
- $55,747
- Interest + MI left
- $273,958
- First ends
- Nov 2051
New loan
New conventional
$3,196/mo
+$1,300/mo- Down payment
- $42,419
- Funds due
- $51,897
- Interest + MI left
- $564,970
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,581 | $289,581 | $372,581 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,353.73 | $1,353.73 | $2,579.68 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $74.52 |
| Taxes, insurance & HOA | $541.92 | $541.92 | $541.92 |
| Total housing payment | $1,895.64 | $2,563.48 | $3,196.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,419
Closing costs & prepaids$13,328
Usable credit−$0
Total buyer cash needed$55,747
Earnest money paid−$0
Remaining funds due$55,747
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%)$1,447.91
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)$770.75
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$45.54
Prepaid interest, second (2 days)$40.93
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 2.870%
Interest already paid$44,311Through Nov 2026
Assumption only · ends Nov 2051$116,537
Assumption + second · ends Nov 2051, second Dec 2056$273,958
New conventional · ends Dec 2056$564,970