Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $73,107
- Funds due
- $83,200
- Interest + MI left
- $102,190
- First ends
- Nov 2051
Assumption
Assumption + second
$1,759/mo
+$322/mo- Down payment
- $33,107
- Funds due
- $44,460
- Interest + MI left
- $178,056
- First ends
- Nov 2051
New loan
New conventional
$2,355/mo
+$918/mo- Down payment
- $33,107
- Funds due
- $40,832
- Interest + MI left
- $450,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,893 | $256,893 | $296,893 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,196.94 | $1,196.94 | $2,055.63 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $59.38 |
| Taxes, insurance & HOA | $240.16 | $240.16 | $240.16 |
| Total housing payment | $1,437.11 | $1,758.96 | $2,355.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,107
Closing costs & prepaids$11,353
Usable credit−$0
Total buyer cash needed$44,460
Earnest money paid−$0
Remaining funds due$44,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,284.46
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)$264.25
Initial HOA (3 months)$6.24
Prepaid interest, first (1 days)$19.99
Prepaid interest, second (1 days)$9.86
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$38,909Through Nov 2026
Assumption only · ends Nov 2051$102,190
Assumption + second · ends Nov 2051, second Dec 2056$178,056
New conventional · ends Dec 2056$450,258