Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $89,822
- Funds due
- $100,706
- Interest + MI left
- $103,466
- First ends
- Dec 2051
Assumption
Assumption + second
$2,084/mo
+$443/mo- Down payment
- $34,822
- Funds due
- $46,983
- Interest + MI left
- $207,781
- First ends
- Dec 2051
New loan
New conventional
$2,660/mo
+$1,018/mo- Down payment
- $34,822
- Funds due
- $43,375
- Interest + MI left
- $470,406
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,178 | $255,178 | $310,178 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,191.51 | $1,191.51 | $2,147.61 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $1,641.51 | $2,084.05 | $2,659.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,822
Closing costs & prepaids$12,161
Usable credit−$0
Total buyer cash needed$46,983
Earnest money paid−$0
Remaining funds due$46,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.89
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)$862.50
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$40.27
Prepaid interest, second (2 days)$27.12
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$38,477Through Nov 2026
Assumption only · ends Dec 2051$103,466
Assumption + second · ends Dec 2051, second Dec 2056$207,781
New conventional · ends Dec 2056$470,406