Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $73,467
- Funds due
- $84,629
- Interest + MI left
- $108,412
- First ends
- Nov 2051
Assumption
Assumption + second
$2,092/mo
+$306/mo- Down payment
- $35,467
- Funds due
- $47,888
- Interest + MI left
- $180,484
- First ends
- Nov 2051
New loan
New conventional
$2,729/mo
+$942/mo- Down payment
- $35,467
- Funds due
- $44,160
- Interest + MI left
- $470,882
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,533 | $272,533 | $310,533 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,269.82 | $1,269.82 | $2,150.07 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $62.11 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $1,786.48 | $2,092.24 | $2,728.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,467
Closing costs & prepaids$12,421
Usable credit−$0
Total buyer cash needed$47,888
Earnest money paid−$0
Remaining funds due$47,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.67
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)$659.00
Initial HOA (3 months)$441.00
Prepaid interest, first (1 days)$21.21
Prepaid interest, second (1 days)$9.37
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$41,278Through Nov 2026
Assumption only · ends Nov 2051$108,412
Assumption + second · ends Nov 2051, second Dec 2056$180,484
New conventional · ends Dec 2056$470,882