Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $105,906
- Funds due
- $117,720
- Interest + MI left
- $114,194
- First ends
- Nov 2051
Assumption
Assumption + second
$2,406/mo
+$531/mo- Down payment
- $39,906
- Funds due
- $53,003
- Interest + MI left
- $239,373
- First ends
- Nov 2051
New loan
New conventional
$3,070/mo
+$1,195/mo- Down payment
- $39,906
- Funds due
- $49,170
- Interest + MI left
- $542,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,593 | $291,593 | $357,593 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,352.62 | $1,352.62 | $2,475.90 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $71.52 |
| Taxes, insurance & HOA | $522.75 | $522.75 | $522.75 |
| Total housing payment | $1,875.37 | $2,406.42 | $3,070.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,906
Closing costs & prepaids$13,096
Usable credit−$0
Total buyer cash needed$53,003
Earnest money paid−$0
Remaining funds due$53,003
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,974.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.96
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)$710.25
Initial HOA (3 months)$408.00
Prepaid interest, first (2 days)$44.74
Prepaid interest, second (2 days)$32.55
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 2.800%
Interest already paid$43,560Through Nov 2026
Assumption only · ends Nov 2051$114,194
Assumption + second · ends Nov 2051, second Dec 2056$239,373
New conventional · ends Dec 2056$542,314