Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,311/mo
Lowest payment- Down payment
- $57,710
- Funds due
- $67,182
- Interest + MI left
- $70,525
- First ends
- Nov 2051
Assumption
Assumption + second
$1,584/mo
+$274/mo- Down payment
- $23,710
- Funds due
- $34,441
- Interest + MI left
- $135,011
- First ends
- Nov 2051
New loan
New conventional
$1,990/mo
+$679/mo- Down payment
- $23,710
- Funds due
- $31,294
- Interest + MI left
- $320,436
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,290 | $177,290 | $211,290 |
| Second mortgage | — | $34,000 | — |
| First P&I | $826.05 | $826.05 | $1,462.93 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $42.26 |
| Taxes, insurance & HOA | $484.58 | $484.58 | $484.58 |
| Total housing payment | $1,310.63 | $1,584.20 | $1,989.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,710
Closing costs & prepaids$10,730
Usable credit−$0
Total buyer cash needed$34,441
Earnest money paid−$0
Remaining funds due$34,441
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$886.45
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)$157.75
Initial HOA (3 months)$846.00
Prepaid interest, first (1 days)$13.79
Prepaid interest, second (1 days)$8.38
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$26,853Through Nov 2026
Assumption only · ends Nov 2051$70,525
Assumption + second · ends Nov 2051, second Dec 2056$135,011
New conventional · ends Dec 2056$320,436