Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,723/mo
Lowest payment- Down payment
- $126,364
- Funds due
- $137,751
- Interest + MI left
- $104,953
- First ends
- Jan 2051
Assumption
Assumption + second
$2,415/mo
+$692/mo- Down payment
- $40,364
- Funds due
- $53,022
- Interest + MI left
- $268,064
- First ends
- Jan 2051
New loan
New conventional
$2,961/mo
+$1,238/mo- Down payment
- $40,364
- Funds due
- $49,262
- Interest + MI left
- $537,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,636 | $268,636 | $354,636 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,288.24 | $1,288.24 | $2,455.43 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $70.93 |
| Taxes, insurance & HOA | $434.92 | $434.92 | $434.92 |
| Total housing payment | $1,723.15 | $2,415.13 | $2,961.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,364
Closing costs & prepaids$12,658
Usable credit−$0
Total buyer cash needed$53,022
Earnest money paid−$0
Remaining funds due$53,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,343.18
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)$656.75
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$21.27
Prepaid interest, second (1 days)$21.21
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 2.890%
Interest already paid$48,913Through Nov 2026
Assumption only · ends Jan 2051$104,953
Assumption + second · ends Jan 2051, second Dec 2056$268,064
New conventional · ends Dec 2056$537,758