Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $86,320
- Funds due
- $98,047
- Interest + MI left
- $118,813
- First ends
- Nov 2051
Assumption
Assumption + second
$2,301/mo
+$378/mo- Down payment
- $39,320
- Funds due
- $52,309
- Interest + MI left
- $207,955
- First ends
- Nov 2051
New loan
New conventional
$2,993/mo
+$1,071/mo- Down payment
- $39,320
- Funds due
- $48,414
- 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 | $298,680 | $298,680 | $345,680 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,391.64 | $1,391.64 | $2,393.42 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $69.14 |
| Taxes, insurance & HOA | $530.75 | $530.75 | $530.75 |
| Total housing payment | $1,922.39 | $2,300.57 | $2,993.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,320
Closing costs & prepaids$12,988
Usable credit−$0
Total buyer cash needed$52,309
Earnest money paid−$0
Remaining funds due$52,309
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%)$1,493.40
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)$572.25
Initial HOA (3 months)$570.00
Prepaid interest, first (1 days)$23.24
Prepaid interest, second (1 days)$11.59
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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$45,238Through Nov 2026
Assumption only · ends Nov 2051$118,813
Assumption + second · ends Nov 2051, second Dec 2056$207,955
New conventional · ends Dec 2056$524,178