Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $160,157
- Funds due
- $173,589
- Interest + MI left
- $103,480
- First ends
- Apr 2049
Assumption
Assumption + second
$3,075/mo
+$822/mo- Down payment
- $48,157
- Funds due
- $62,888
- Interest + MI left
- $287,334
- First ends
- Apr 2049
New loan
New conventional
$3,739/mo
+$1,486/mo- Down payment
- $48,157
- Funds due
- $58,867
- Interest + MI left
- $647,251
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,843 | $314,843 | $426,843 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,555.10 | $1,555.10 | $2,955.37 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $85.37 |
| Taxes, insurance & HOA | $697.92 | $697.92 | $697.92 |
| Total housing payment | $2,253.02 | $3,074.84 | $3,738.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,157
Closing costs & prepaids$14,731
Usable credit−$0
Total buyer cash needed$62,888
Earnest money paid−$0
Remaining funds due$62,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,574.21
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)$1,338.75
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$45.89
Prepaid interest, second (2 days)$49.10
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 closing22 yr 5 moOf the original 28-year loan at 2.660%
Interest already paid$50,875Through Nov 2026
Assumption only · ends Apr 2049$103,480
Assumption + second · ends Apr 2049, second Dec 2056$287,334
New conventional · ends Dec 2056$647,251