Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $68,721
- Funds due
- $80,825
- Interest + MI left
- $109,187
- First ends
- Nov 2051
Assumption
Assumption + second
$2,389/mo
+$274/mo- Down payment
- $34,721
- Funds due
- $48,092
- Interest + MI left
- $173,673
- First ends
- Nov 2051
New loan
New conventional
$3,018/mo
+$903/mo- Down payment
- $34,721
- Funds due
- $44,414
- Interest + MI left
- $461,399
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,279 | $270,279 | $304,279 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,264.89 | $1,264.89 | $2,106.77 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $60.86 |
| Taxes, insurance & HOA | $850.59 | $850.59 | $850.59 |
| Total housing payment | $2,115.47 | $2,389.05 | $3,018.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,721
Closing costs & prepaids$13,371
Usable credit−$0
Total buyer cash needed$48,092
Earnest money paid−$0
Remaining funds due$48,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,351.40
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)$2,064.50
Initial HOA (3 months)$37.26
Prepaid interest, first (2 days)$42.65
Prepaid interest, second (2 days)$16.77
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 2.880%
Interest already paid$41,497Through Nov 2026
Assumption only · ends Nov 2051$109,187
Assumption + second · ends Nov 2051, second Dec 2056$173,673
New conventional · ends Dec 2056$461,399