Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $53,689
- Funds due
- $65,833
- Interest + MI left
- $144,294
- First ends
- Nov 2051
Assumption
Assumption + second
$2,473/mo
+$326/mo- Down payment
- $21,689
- Funds due
- $35,094
- Interest + MI left
- $229,683
- First ends
- Nov 2051
New loan
New conventional
$3,269/mo
+$1,122/mo- Down payment
- $21,689
- Funds due
- $31,061
- Interest + MI left
- $600,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,735 | $362,735 | $394,735 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,690.09 | $1,690.09 | $2,733.07 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $78.95 |
| Taxes, insurance & HOA | $456.58 | $456.58 | $456.58 |
| Total housing payment | $2,146.68 | $2,472.76 | $3,268.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,689
Closing costs & prepaids$13,404
Usable credit−$0
Total buyer cash needed$35,094
Earnest money paid−$0
Remaining funds due$35,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,164.24
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,813.67
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)$451.75
Initial HOA (3 months)$468.00
Prepaid interest, first (1 days)$28.22
Prepaid interest, second (1 days)$10.41
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$54,940Through Nov 2026
Assumption only · ends Nov 2051$144,294
Assumption + second · ends Nov 2051, second Dec 2056$229,683
New conventional · ends Dec 2056$600,695