Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,762/mo
Lowest payment- Down payment
- $175,134
- Funds due
- $187,369
- Interest + MI left
- $113,069
- First ends
- Dec 2050
Assumption
Assumption + second
$2,701/mo
+$939/mo- Down payment
- $47,134
- Funds due
- $60,675
- Interest + MI left
- $323,188
- First ends
- Dec 2050
New loan
New conventional
$3,359/mo
+$1,597/mo- Down payment
- $47,134
- Funds due
- $56,760
- Interest + MI left
- $639,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,866 | $293,866 | $421,866 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,408.08 | $1,408.08 | $2,920.91 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $84.37 |
| Taxes, insurance & HOA | $353.84 | $353.84 | $353.84 |
| Total housing payment | $1,761.92 | $2,701.13 | $3,359.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,134
Closing costs & prepaids$13,541
Usable credit−$0
Total buyer cash needed$60,675
Earnest money paid−$0
Remaining funds due$60,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,469.33
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)$417.75
Initial HOA (3 months)$143.76
Prepaid interest, first (2 days)$46.05
Prepaid interest, second (2 days)$56.11
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 1 moOf the original 30-year loan at 2.860%
Interest already paid$53,799Through Nov 2026
Assumption only · ends Dec 2050$113,069
Assumption + second · ends Dec 2050, second Dec 2056$323,188
New conventional · ends Dec 2056$639,788