Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,343/mo
Lowest payment- Down payment
- $236,106
- Funds due
- $250,904
- Interest + MI left
- $158,678
- First ends
- Nov 2051
Assumption
Assumption + second
$3,605/mo
+$1,262/mo- Down payment
- $64,106
- Funds due
- $80,191
- Interest + MI left
- $441,025
- First ends
- Nov 2051
New loan
New conventional
$4,552/mo
+$2,208/mo- Down payment
- $64,106
- Funds due
- $75,560
- Interest + MI left
- $865,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,894 | $398,894 | $570,894 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,858.57 | $1,858.57 | $3,952.75 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $114.18 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,343.24 | $3,605.31 | $4,551.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,106
Closing costs & prepaids$16,085
Usable credit−$0
Total buyer cash needed$80,191
Earnest money paid−$0
Remaining funds due$80,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,994.47
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$543.00
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$31.04
Prepaid interest, second (1 days)$37.70
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$60,417Through Nov 2026
Assumption only · ends Nov 2051$158,678
Assumption + second · ends Nov 2051, second Dec 2056$441,025
New conventional · ends Dec 2056$865,799