Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,911/mo
Lowest payment- Down payment
- $60,880
- Funds due
- $72,311
- Interest + MI left
- $117,106
- First ends
- Dec 2051
Assumption
Assumption + second
$2,120/mo
+$209/mo- Down payment
- $34,880
- Funds due
- $47,574
- Interest + MI left
- $166,418
- First ends
- Dec 2051
New loan
New conventional
$2,797/mo
+$886/mo- Down payment
- $34,880
- Funds due
- $43,817
- Interest + MI left
- $474,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,620 | $286,620 | $312,620 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,341.28 | $1,341.28 | $2,164.52 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $62.52 |
| Taxes, insurance & HOA | $569.83 | $569.83 | $569.83 |
| Total housing payment | $1,911.11 | $2,120.32 | $2,796.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,880
Closing costs & prepaids$12,694
Usable credit−$0
Total buyer cash needed$47,574
Earnest money paid−$0
Remaining funds due$47,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,475.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,433.10
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)$479.50
Initial HOA (3 months)$780.00
Prepaid interest, first (2 days)$45.55
Prepaid interest, second (2 days)$12.82
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$43,510Through Nov 2026
Assumption only · ends Dec 2051$117,106
Assumption + second · ends Dec 2051, second Dec 2056$166,418
New conventional · ends Dec 2056$474,109