Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $101,313
- Funds due
- $113,841
- Interest + MI left
- $90,660
- First ends
- Aug 2051
Assumption
Assumption + second
$2,722/mo
+$547/mo- Down payment
- $33,313
- Funds due
- $47,125
- Interest + MI left
- $219,632
- First ends
- Aug 2051
New loan
New conventional
$3,200/mo
+$1,025/mo- Down payment
- $33,313
- Funds due
- $43,673
- Interest + MI left
- $444,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,187 | $225,187 | $293,187 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,063.46 | $1,063.46 | $2,029.97 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $58.64 |
| Taxes, insurance & HOA | $1,111.25 | $1,111.25 | $1,111.25 |
| Total housing payment | $2,174.71 | $2,721.85 | $3,199.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,313
Closing costs & prepaids$13,812
Usable credit−$0
Total buyer cash needed$47,125
Earnest money paid−$0
Remaining funds due$47,125
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,265.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,125.94
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)$2,181.75
Initial HOA (3 months)$702.00
Prepaid interest, first (2 days)$35.78
Prepaid interest, second (2 days)$33.53
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 9 moOf the original 30-year loan at 2.900%
Interest already paid$36,687Through Nov 2026
Assumption only · ends Aug 2051$90,660
Assumption + second · ends Aug 2051, second Dec 2056$219,632
New conventional · ends Dec 2056$444,579