Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $182,201
- Funds due
- $195,337
- Interest + MI left
- $121,836
- First ends
- Oct 2051
Assumption
Assumption + second
$2,990/mo
+$976/mo- Down payment
- $49,201
- Funds due
- $63,617
- Interest + MI left
- $340,162
- First ends
- Oct 2051
New loan
New conventional
$3,698/mo
+$1,684/mo- Down payment
- $49,201
- Funds due
- $59,604
- Interest + MI left
- $660,680
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,699 | $302,699 | $435,699 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,419.85 | $1,419.85 | $3,016.69 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $87.14 |
| Taxes, insurance & HOA | $594.17 | $594.17 | $594.17 |
| Total housing payment | $2,014.02 | $2,989.92 | $3,698.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,201
Closing costs & prepaids$14,416
Usable credit−$0
Total buyer cash needed$63,617
Earnest money paid−$0
Remaining funds due$63,617
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,513.50
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)$1,057.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$23.88
Prepaid interest, second (1 days)$29.15
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$47,309Through Nov 2026
Assumption only · ends Oct 2051$121,836
Assumption + second · ends Oct 2051, second Dec 2056$340,162
New conventional · ends Dec 2056$660,680