Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,114/mo
Lowest payment- Down payment
- $95,904
- Funds due
- $108,592
- Interest + MI left
- $147,628
- First ends
- Dec 2051
Assumption
Assumption + second
$2,508/mo
+$394/mo- Down payment
- $46,904
- Funds due
- $60,866
- Interest + MI left
- $240,563
- First ends
- Dec 2051
New loan
New conventional
$3,357/mo
+$1,243/mo- Down payment
- $46,904
- Funds due
- $56,620
- Interest + MI left
- $626,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,096 | $364,096 | $413,096 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,700.08 | $1,700.08 | $2,860.19 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $82.62 |
| Taxes, insurance & HOA | $414.08 | $414.08 | $414.08 |
| Total housing payment | $2,114.16 | $2,508.43 | $3,356.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,904
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$60,866
Earnest money paid−$0
Remaining funds due$60,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,820.48
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)$457.25
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$57.46
Prepaid interest, second (2 days)$24.16
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 2.880%
Interest already paid$54,901Through Nov 2026
Assumption only · ends Dec 2051$147,628
Assumption + second · ends Dec 2051, second Dec 2056$240,563
New conventional · ends Dec 2056$626,405