Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,087/mo
Lowest payment- Down payment
- $143,430
- Funds due
- $156,353
- Interest + MI left
- $126,584
- First ends
- Jan 2051
Assumption
Assumption + second
$2,851/mo
+$764/mo- Down payment
- $48,430
- Funds due
- $62,626
- Interest + MI left
- $306,765
- First ends
- Jan 2051
New loan
New conventional
$3,546/mo
+$1,459/mo- Down payment
- $48,430
- Funds due
- $58,479
- Interest + MI left
- $646,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,570 | $331,570 | $426,570 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,579.84 | $1,579.84 | $2,953.48 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $85.31 |
| Taxes, insurance & HOA | $507.17 | $507.17 | $507.17 |
| Total housing payment | $2,087.01 | $2,851.40 | $3,545.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,430
Closing costs & prepaids$14,196
Usable credit−$0
Total buyer cash needed$62,626
Earnest money paid−$0
Remaining funds due$62,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,657.85
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)$760.50
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$25.71
Prepaid interest, second (1 days)$23.42
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$59,159Through Nov 2026
Assumption only · ends Jan 2051$126,584
Assumption + second · ends Jan 2051, second Dec 2056$306,765
New conventional · ends Dec 2056$646,837