Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,762/mo
Lowest payment- Down payment
- $74,435
- Funds due
- $85,508
- Interest + MI left
- $92,564
- First ends
- Mar 2051
Assumption
Assumption + second
$2,092/mo
+$330/mo- Down payment
- $33,435
- Funds due
- $45,768
- Interest + MI left
- $170,326
- First ends
- Mar 2051
New loan
New conventional
$2,682/mo
+$920/mo- Down payment
- $33,435
- Funds due
- $42,145
- Interest + MI left
- $449,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,465 | $255,465 | $296,465 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,191.88 | $1,191.88 | $2,052.66 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $59.29 |
| Taxes, insurance & HOA | $570.00 | $570.00 | $570.00 |
| Total housing payment | $1,761.88 | $2,091.78 | $2,681.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,435
Closing costs & prepaids$12,333
Usable credit−$0
Total buyer cash needed$45,768
Earnest money paid−$0
Remaining funds due$45,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.33
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)$300.00
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$18.76
Prepaid interest, second (1 days)$10.11
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 closing24 yr 4 moOf the original 30-year loan at 2.680%
Interest already paid$41,889Through Nov 2026
Assumption only · ends Mar 2051$92,564
Assumption + second · ends Mar 2051, second Dec 2056$170,326
New conventional · ends Dec 2056$449,550