Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $157,828
- Funds due
- $170,243
- Interest + MI left
- $136,706
- First ends
- Dec 2051
Assumption
Assumption + second
$2,657/mo
+$800/mo- Down payment
- $48,828
- Funds due
- $62,517
- Interest + MI left
- $315,635
- First ends
- Dec 2051
New loan
New conventional
$3,413/mo
+$1,557/mo- Down payment
- $48,828
- Funds due
- $58,400
- Interest + MI left
- $657,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,672 | $324,672 | $433,672 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,532.82 | $1,532.82 | $3,002.66 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $86.73 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,856.82 | $2,656.62 | $3,413.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,828
Closing costs & prepaids$13,689
Usable credit−$0
Total buyer cash needed$62,517
Earnest money paid−$0
Remaining funds due$62,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,825.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,623.36
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)$322.00
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$26.51
Prepaid interest, second (1 days)$23.89
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 yr 1 moOf the original 30-year loan at 2.980%
Interest already paid$50,608Through Nov 2026
Assumption only · ends Dec 2051$136,706
Assumption + second · ends Dec 2051, second Dec 2056$315,635
New conventional · ends Dec 2056$657,606