Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
Lowest payment- Down payment
- $135,470
- Funds due
- $148,813
- Interest + MI left
- $133,375
- First ends
- Oct 2051
Assumption
Assumption + second
$2,898/mo
+$700/mo- Down payment
- $48,470
- Funds due
- $63,106
- Interest + MI left
- $298,383
- First ends
- Oct 2051
New loan
New conventional
$3,674/mo
+$1,476/mo- Down payment
- $48,470
- Funds due
- $58,935
- Interest + MI left
- $654,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,530 | $344,530 | $431,530 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,598.34 | $1,598.34 | $2,987.83 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $600.00 | $600.00 | $600.00 |
| Total housing payment | $2,198.34 | $2,898.36 | $3,674.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,470
Closing costs & prepaids$14,636
Usable credit−$0
Total buyer cash needed$63,106
Earnest money paid−$0
Remaining funds due$63,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,722.65
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)$1,200.00
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$52.48
Prepaid interest, second (2 days)$42.90
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 11 moOf the original 30-year loan at 2.780%
Interest already paid$52,029Through Nov 2026
Assumption only · ends Oct 2051$133,375
Assumption + second · ends Oct 2051, second Dec 2056$298,383
New conventional · ends Dec 2056$654,358