Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,013/mo
Lowest payment- Down payment
- $94,625
- Funds due
- $106,748
- Interest + MI left
- $130,941
- First ends
- Nov 2051
Assumption
Assumption + second
$2,432/mo
+$418/mo- Down payment
- $42,625
- Funds due
- $56,024
- Interest + MI left
- $229,567
- First ends
- Nov 2051
New loan
New conventional
$3,181/mo
+$1,167/mo- Down payment
- $42,625
- Funds due
- $52,003
- Interest + MI left
- $572,239
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,375 | $325,375 | $377,375 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,521.05 | $1,521.05 | $2,612.87 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $75.48 |
| Taxes, insurance & HOA | $492.17 | $492.17 | $492.17 |
| Total housing payment | $2,013.22 | $2,431.62 | $3,180.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,625
Closing costs & prepaids$13,398
Usable credit−$0
Total buyer cash needed$56,024
Earnest money paid−$0
Remaining funds due$56,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,626.87
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)$636.50
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$51.17
Prepaid interest, second (2 days)$25.64
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 yrOf the original 30-year loan at 2.870%
Interest already paid$49,788Through Nov 2026
Assumption only · ends Nov 2051$130,941
Assumption + second · ends Nov 2051, second Dec 2056$229,567
New conventional · ends Dec 2056$572,239