Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $84,240
- Funds due
- $95,690
- Interest + MI left
- $113,117
- First ends
- Mar 2051
Assumption
Assumption + second
$2,184/mo
+$354/mo- Down payment
- $40,240
- Funds due
- $52,950
- Interest + MI left
- $196,569
- First ends
- Mar 2051
New loan
New conventional
$2,921/mo
+$1,090/mo- Down payment
- $40,240
- Funds due
- $48,971
- Interest + MI left
- $544,084
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,760 | $314,760 | $358,760 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,465.33 | $1,465.33 | $2,483.98 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $71.75 |
| Taxes, insurance & HOA | $365.08 | $365.08 | $365.08 |
| Total housing payment | $1,830.42 | $2,184.45 | $2,920.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,240
Closing costs & prepaids$12,711
Usable credit−$0
Total buyer cash needed$52,950
Earnest money paid−$0
Remaining funds due$52,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,573.80
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)$330.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$22.94
Prepaid interest, second (1 days)$10.85
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 2.660%
Interest already paid$51,238Through Nov 2026
Assumption only · ends Mar 2051$113,117
Assumption + second · ends Mar 2051, second Dec 2056$196,569
New conventional · ends Dec 2056$544,084