Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,664/mo
Lowest payment- Down payment
- $105,235
- Funds due
- $116,261
- Interest + MI left
- $52,560
- First ends
- Dec 2050
Assumption
Assumption + second
$2,292/mo
+$628/mo- Down payment
- $27,235
- Funds due
- $39,550
- Interest + MI left
- $200,498
- First ends
- Dec 2050
New loan
New conventional
$2,623/mo
+$959/mo- Down payment
- $27,235
- Funds due
- $36,473
- Interest + MI left
- $360,340
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,665 | $159,665 | $237,665 |
| Second mortgage | — | $78,000 | — |
| First P&I | $734.34 | $734.34 | $1,645.54 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $47.53 |
| Taxes, insurance & HOA | $929.83 | $929.83 | $929.83 |
| Total housing payment | $1,664.18 | $2,291.78 | $2,622.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,235
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$39,550
Earnest money paid−$0
Remaining funds due$39,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$798.33
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)$1,337.50
Initial HOA (3 months)$1,002.00
Prepaid interest, first (2 days)$21.70
Prepaid interest, second (2 days)$38.47
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 closing24 yr 1 moOf the original 30-year loan at 2.480%
Interest already paid$25,461Through Nov 2026
Assumption only · ends Dec 2050$52,560
Assumption + second · ends Dec 2050, second Dec 2056$200,498
New conventional · ends Dec 2056$360,340