Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,350/mo
Lowest payment- Down payment
- $184,425
- Funds due
- $198,596
- Interest + MI left
- $114,251
- First ends
- Apr 2051
Assumption
Assumption + second
$3,341/mo
+$991/mo- Down payment
- $49,425
- Funds due
- $64,905
- Interest + MI left
- $335,860
- First ends
- Apr 2051
New loan
New conventional
$4,037/mo
+$1,687/mo- Down payment
- $49,425
- Funds due
- $60,936
- Interest + MI left
- $660,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,575 | $300,575 | $435,575 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,415.79 | $1,415.79 | $3,015.83 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $87.12 |
| Taxes, insurance & HOA | $934.41 | $934.41 | $934.41 |
| Total housing payment | $2,350.20 | $3,340.78 | $4,037.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,425
Closing costs & prepaids$15,479
Usable credit−$0
Total buyer cash needed$64,905
Earnest money paid−$0
Remaining funds due$64,905
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,502.87
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)$1,837.25
Initial HOA (3 months)$465.99
Prepaid interest, first (2 days)$45.95
Prepaid interest, second (2 days)$59.18
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$50,424Through Nov 2026
Assumption only · ends Apr 2051$114,251
Assumption + second · ends Apr 2051, second Dec 2056$335,860
New conventional · ends Dec 2056$660,492