Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $67,708
- Funds due
- $80,313
- Interest + MI left
- $125,548
- First ends
- Dec 2051
Assumption
Assumption + second
$2,513/mo
+$241/mo- Down payment
- $37,708
- Funds due
- $51,577
- Interest + MI left
- $182,447
- First ends
- Dec 2051
New loan
New conventional
$3,236/mo
+$965/mo- Down payment
- $37,708
- Funds due
- $47,694
- Interest + MI left
- $511,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,282 | $307,282 | $337,282 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,437.97 | $1,437.97 | $2,335.27 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $67.46 |
| Taxes, insurance & HOA | $833.67 | $833.67 | $833.67 |
| Total housing payment | $2,271.64 | $2,513.02 | $3,236.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,708
Closing costs & prepaids$13,869
Usable credit−$0
Total buyer cash needed$51,577
Earnest money paid−$0
Remaining funds due$51,577
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,536.41
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)$485.00
Initial HOA (3 months)$1,566.00
Prepaid interest, first (2 days)$48.83
Prepaid interest, second (2 days)$14.79
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 2.900%
Interest already paid$46,647Through Nov 2026
Assumption only · ends Dec 2051$125,548
Assumption + second · ends Dec 2051, second Dec 2056$182,447
New conventional · ends Dec 2056$511,511