Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $76,201
- Funds due
- $86,765
- Interest + MI left
- $106,926
- First ends
- Nov 2051
Assumption
Assumption + second
$1,902/mo
+$330/mo- Down payment
- $35,201
- Funds due
- $47,035
- Interest + MI left
- $184,689
- First ends
- Nov 2051
New loan
New conventional
$2,527/mo
+$955/mo- Down payment
- $35,201
- Funds due
- $43,359
- Interest + MI left
- $469,769
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,799 | $268,799 | $309,799 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,252.42 | $1,252.42 | $2,144.99 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $61.96 |
| Taxes, insurance & HOA | $319.83 | $319.83 | $319.83 |
| Total housing payment | $1,572.25 | $1,902.15 | $2,526.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,201
Closing costs & prepaids$11,834
Usable credit−$0
Total buyer cash needed$47,035
Earnest money paid−$0
Remaining funds due$47,035
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,343.99
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)$251.50
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$41.83
Prepaid interest, second (2 days)$20.22
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 2.840%
Interest already paid$40,713Through Nov 2026
Assumption only · ends Nov 2051$106,926
Assumption + second · ends Nov 2051, second Dec 2056$184,689
New conventional · ends Dec 2056$469,769