Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $142,320
- Funds due
- $154,462
- Interest + MI left
- $87,213
- First ends
- Mar 2051
Assumption
Assumption + second
$2,644/mo
+$756/mo- Down payment
- $39,320
- Funds due
- $52,758
- Interest + MI left
- $256,293
- First ends
- Mar 2051
New loan
New conventional
$3,221/mo
+$1,333/mo- Down payment
- $39,320
- Funds due
- $49,168
- Interest + MI left
- $524,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,680 | $242,680 | $345,680 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,129.77 | $1,129.77 | $2,393.42 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $69.14 |
| Taxes, insurance & HOA | $758.58 | $758.58 | $758.58 |
| Total housing payment | $1,888.35 | $2,644.13 | $3,221.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,320
Closing costs & prepaids$13,438
Usable credit−$0
Total buyer cash needed$52,758
Earnest money paid−$0
Remaining funds due$52,758
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%)$1,213.40
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)$1,617.75
Initial HOA (3 months)$207.99
Prepaid interest, first (2 days)$35.37
Prepaid interest, second (2 days)$45.15
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 4 moOf the original 30-year loan at 2.660%
Interest already paid$39,505Through Nov 2026
Assumption only · ends Mar 2051$87,213
Assumption + second · ends Mar 2051, second Dec 2056$256,293
New conventional · ends Dec 2056$524,178