Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $160,598
- Funds due
- $171,525
- Interest + MI left
- $92,658
- First ends
- Dec 2051
Assumption
Assumption + second
$2,316/mo
+$888/mo- Down payment
- $39,598
- Funds due
- $51,828
- Interest + MI left
- $291,285
- First ends
- Dec 2051
New loan
New conventional
$2,855/mo
+$1,426/mo- Down payment
- $39,598
- Funds due
- $48,295
- Interest + MI left
- $531,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,402 | $229,402 | $350,402 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,069.97 | $1,069.97 | $2,426.11 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $70.08 |
| Taxes, insurance & HOA | $358.50 | $358.50 | $358.50 |
| Total housing payment | $1,428.47 | $2,316.32 | $2,854.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,598
Closing costs & prepaids$12,230
Usable credit−$0
Total buyer cash needed$51,828
Earnest money paid−$0
Remaining funds due$51,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,147.01
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)$445.50
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$36.08
Prepaid interest, second (2 days)$53.04
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 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$34,474Through Nov 2026
Assumption only · ends Dec 2051$92,658
Assumption + second · ends Dec 2051, second Dec 2056$291,285
New conventional · ends Dec 2056$531,338