Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,457/mo
Lowest payment- Down payment
- $158,236
- Funds due
- $172,446
- Interest + MI left
- $152,477
- First ends
- Dec 2050
Assumption
Assumption + second
$3,213/mo
+$756/mo- Down payment
- $55,236
- Funds due
- $70,741
- Interest + MI left
- $321,557
- First ends
- Dec 2050
New loan
New conventional
$4,098/mo
+$1,641/mo- Down payment
- $55,236
- Funds due
- $66,281
- Interest + MI left
- $750,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,764 | $391,764 | $494,764 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,883.19 | $1,883.19 | $3,425.65 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $98.95 |
| Taxes, insurance & HOA | $573.75 | $573.75 | $573.75 |
| Total housing payment | $2,456.94 | $3,212.72 | $4,098.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,236
Closing costs & prepaids$15,505
Usable credit−$0
Total buyer cash needed$70,741
Earnest money paid−$0
Remaining funds due$70,741
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,958.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$972.25
Initial HOA (3 months)$249.00
Prepaid interest, first (2 days)$62.04
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 1 moOf the original 30-year loan at 2.890%
Interest already paid$72,448Through Nov 2026
Assumption only · ends Dec 2050$152,477
Assumption + second · ends Dec 2050, second Dec 2056$321,557
New conventional · ends Dec 2056$750,343