Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $145,119
- Funds due
- $158,179
- Interest + MI left
- $132,245
- First ends
- Nov 2051
Assumption
Assumption + second
$2,868/mo
+$780/mo- Down payment
- $48,119
- Funds due
- $62,477
- Interest + MI left
- $316,219
- First ends
- Nov 2051
New loan
New conventional
$3,588/mo
+$1,501/mo- Down payment
- $48,119
- Funds due
- $58,377
- Interest + MI left
- $647,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,881 | $329,881 | $426,881 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,540.42 | $1,540.42 | $2,955.64 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $85.38 |
| Taxes, insurance & HOA | $547.08 | $547.08 | $547.08 |
| Total housing payment | $2,087.50 | $2,867.99 | $3,588.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,119
Closing costs & prepaids$14,358
Usable credit−$0
Total buyer cash needed$62,477
Earnest money paid−$0
Remaining funds due$62,477
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%)$1,649.41
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)$1,141.25
Prepaid interest, first (2 days)$51.70
Prepaid interest, second (2 days)$47.84
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 yrOf the original 30-year loan at 2.860%
Interest already paid$50,306Through Nov 2026
Assumption only · ends Nov 2051$132,245
Assumption + second · ends Nov 2051, second Dec 2056$316,219
New conventional · ends Dec 2056$647,308