Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $154,127
- Funds due
- $166,376
- Interest + MI left
- $80,930
- First ends
- Mar 2047
Assumption
Assumption + second
$2,934/mo
+$844/mo- Down payment
- $39,127
- Funds due
- $52,677
- Interest + MI left
- $269,709
- First ends
- Mar 2047
New loan
New conventional
$3,277/mo
+$1,186/mo- Down payment
- $39,127
- Funds due
- $49,139
- Interest + MI left
- $524,471
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,873 | $230,873 | $345,873 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,277.88 | $1,277.88 | $2,394.75 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $69.17 |
| Taxes, insurance & HOA | $812.58 | $812.58 | $812.58 |
| Total housing payment | $2,090.47 | $2,934.30 | $3,276.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,127
Closing costs & prepaids$13,550
Usable credit−$0
Total buyer cash needed$52,677
Earnest money paid−$0
Remaining funds due$52,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,154.37
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)$877.75
Initial HOA (3 months)$1,110.00
Prepaid interest, first (2 days)$39.34
Prepaid interest, second (2 days)$50.41
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 closing20 yr 4 moOf the original 25-year loan at 3.110%
Interest already paid$36,183Through Nov 2026
Assumption only · ends Mar 2047$80,930
Assumption + second · ends Mar 2047, second Dec 2056$269,709
New conventional · ends Dec 2056$524,471