Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $73,809
- Funds due
- $85,025
- Interest + MI left
- $135,228
- First ends
- Dec 2051
Assumption
Assumption + second
$2,037/mo
+$257/mo- Down payment
- $41,809
- Funds due
- $54,283
- Interest + MI left
- $195,921
- First ends
- Dec 2051
New loan
New conventional
$2,836/mo
+$1,056/mo- Down payment
- $41,809
- Funds due
- $50,182
- Interest + MI left
- $558,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,091 | $336,091 | $368,091 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,565.84 | $1,565.84 | $2,548.59 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $73.62 |
| Taxes, insurance & HOA | $214.00 | $214.00 | $214.00 |
| Total housing payment | $1,779.85 | $2,037.33 | $2,836.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,809
Closing costs & prepaids$12,474
Usable credit−$0
Total buyer cash needed$54,283
Earnest money paid−$0
Remaining funds due$54,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,680.45
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)$100.75
Initial HOA (3 months)$91.26
Prepaid interest, first (1 days)$26.33
Prepaid interest, second (1 days)$7.89
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$50,336Through Nov 2026
Assumption only · ends Dec 2051$135,228
Assumption + second · ends Dec 2051, second Dec 2056$195,921
New conventional · ends Dec 2056$558,161