Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $164,283
- Funds due
- $176,469
- Interest + MI left
- $91,985
- First ends
- Feb 2051
Assumption
Assumption + second
$2,738/mo
+$895/mo- Down payment
- $42,283
- Funds due
- $55,746
- Interest + MI left
- $292,255
- First ends
- Feb 2051
New loan
New conventional
$3,320/mo
+$1,477/mo- Down payment
- $42,283
- Funds due
- $52,056
- Interest + MI left
- $565,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,717 | $250,717 | $372,717 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,177.67 | $1,177.67 | $2,580.62 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $74.54 |
| Taxes, insurance & HOA | $665.16 | $665.16 | $665.16 |
| Total housing payment | $1,842.83 | $2,738.03 | $3,320.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,283
Closing costs & prepaids$13,462
Usable credit−$0
Total buyer cash needed$55,746
Earnest money paid−$0
Remaining funds due$55,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,253.58
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)$1,370.50
Initial HOA (3 months)$174.99
Prepaid interest, first (1 days)$18.68
Prepaid interest, second (1 days)$26.74
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 closing24 yr 3 moOf the original 30-year loan at 2.720%
Interest already paid$42,376Through Nov 2026
Assumption only · ends Feb 2051$91,985
Assumption + second · ends Feb 2051, second Dec 2056$292,255
New conventional · ends Dec 2056$565,176