Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,690/mo
Lowest payment- Down payment
- $133,355
- Funds due
- $144,749
- Interest + MI left
- $79,352
- First ends
- Mar 2051
Assumption
Assumption + second
$2,478/mo
+$789/mo- Down payment
- $35,355
- Funds due
- $48,023
- Interest + MI left
- $265,222
- First ends
- Mar 2051
New loan
New conventional
$2,916/mo
+$1,227/mo- Down payment
- $35,355
- Funds due
- $44,568
- Interest + MI left
- $476,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,345 | $216,345 | $314,345 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,012.66 | $1,012.66 | $2,176.46 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $62.87 |
| Taxes, insurance & HOA | $676.92 | $676.92 | $676.92 |
| Total housing payment | $1,689.57 | $2,478.10 | $2,916.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,355
Closing costs & prepaids$12,668
Usable credit−$0
Total buyer cash needed$48,023
Earnest money paid−$0
Remaining funds due$48,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,497.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,081.72
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)$1,181.75
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$16.06
Prepaid interest, second (1 days)$24.16
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 4 moOf the original 30-year loan at 2.710%
Interest already paid$35,859Through Nov 2026
Assumption only · ends Mar 2051$79,352
Assumption + second · ends Mar 2051, second Dec 2056$265,222
New conventional · ends Dec 2056$476,662