Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,921/mo
Lowest payment- Down payment
- $128,604
- Funds due
- $140,659
- Interest + MI left
- $88,382
- First ends
- Feb 2051
Assumption
Assumption + second
$2,654/mo
+$732/mo- Down payment
- $37,604
- Funds due
- $50,932
- Interest + MI left
- $260,976
- First ends
- Feb 2051
New loan
New conventional
$3,154/mo
+$1,233/mo- Down payment
- $37,604
- Funds due
- $47,335
- Interest + MI left
- $503,276
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,896 | $240,896 | $331,896 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,131.54 | $1,131.54 | $2,297.98 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $66.38 |
| Taxes, insurance & HOA | $789.92 | $789.92 | $789.92 |
| Total housing payment | $1,921.46 | $2,653.66 | $3,154.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,604
Closing costs & prepaids$13,328
Usable credit−$0
Total buyer cash needed$50,932
Earnest money paid−$0
Remaining funds due$50,932
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,695.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.48
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)$1,019.75
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$17.95
Prepaid interest, second (1 days)$22.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 2.720%
Interest already paid$40,716Through Nov 2026
Assumption only · ends Feb 2051$88,382
Assumption + second · ends Feb 2051, second Dec 2056$260,976
New conventional · ends Dec 2056$503,276