Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,090/mo
Lowest payment- Down payment
- $115,086
- Funds due
- $124,464
- Interest + MI left
- $59,392
- First ends
- Mar 2051
Assumption
Assumption + second
$1,790/mo
+$700/mo- Down payment
- $28,086
- Funds due
- $38,757
- Interest + MI left
- $224,400
- First ends
- Mar 2051
New loan
New conventional
$2,113/mo
+$1,023/mo- Down payment
- $28,086
- Funds due
- $35,649
- Interest + MI left
- $380,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,914 | $163,914 | $250,914 |
| Second mortgage | — | $87,000 | — |
| First P&I | $764.75 | $764.75 | $1,737.28 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $50.18 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $1,090.33 | $1,790.35 | $2,113.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,086
Closing costs & prepaids$10,671
Usable credit−$0
Total buyer cash needed$38,757
Earnest money paid−$0
Remaining funds due$38,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$819.57
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)$439.75
Initial HOA (3 months)$87.00
Prepaid interest, first (2 days)$24.07
Prepaid interest, second (2 days)$42.90
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$26,877Through Nov 2026
Assumption only · ends Mar 2051$59,392
Assumption + second · ends Mar 2051, second Dec 2056$224,400
New conventional · ends Dec 2056$380,528