Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,560/mo
Lowest payment- Down payment
- $94,243
- Funds due
- $104,853
- Interest + MI left
- $76,432
- First ends
- Nov 2051
Assumption
Assumption + second
$2,083/mo
+$523/mo- Down payment
- $29,243
- Funds due
- $41,135
- Interest + MI left
- $199,713
- First ends
- Nov 2051
New loan
New conventional
$2,491/mo
+$931/mo- Down payment
- $29,243
- Funds due
- $37,888
- Interest + MI left
- $387,619
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,657 | $190,657 | $255,657 |
| Second mortgage | — | $65,000 | — |
| First P&I | $890.30 | $890.30 | $1,770.12 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $51.13 |
| Taxes, insurance & HOA | $669.83 | $669.83 | $669.83 |
| Total housing payment | $1,560.13 | $2,083.13 | $2,491.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,243
Closing costs & prepaids$11,892
Usable credit−$0
Total buyer cash needed$41,135
Earnest money paid−$0
Remaining funds due$41,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$953.29
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)$464.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$29.88
Prepaid interest, second (2 days)$32.05
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 2.860%
Interest already paid$29,075Through Nov 2026
Assumption only · ends Nov 2051$76,432
Assumption + second · ends Nov 2051, second Dec 2056$199,713
New conventional · ends Dec 2056$387,619