Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,988/mo
Lowest payment- Down payment
- $163,109
- Funds due
- $176,022
- Interest + MI left
- $130,645
- First ends
- Nov 2051
Assumption
Assumption + second
$2,825/mo
+$836/mo- Down payment
- $49,109
- Funds due
- $63,297
- Interest + MI left
- $317,782
- First ends
- Nov 2051
New loan
New conventional
$3,600/mo
+$1,612/mo- Down payment
- $49,109
- Funds due
- $59,172
- Interest + MI left
- $667,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,891 | $325,891 | $439,891 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,521.78 | $1,521.78 | $3,045.72 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $87.98 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $1,988.45 | $2,824.94 | $3,600.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,109
Closing costs & prepaids$14,188
Usable credit−$0
Total buyer cash needed$63,297
Earnest money paid−$0
Remaining funds due$63,297
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,629.45
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)$540.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$25.54
Prepaid interest, second (1 days)$24.99
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 2.860%
Interest already paid$49,698Through Nov 2026
Assumption only · ends Nov 2051$130,645
Assumption + second · ends Nov 2051, second Dec 2056$317,782
New conventional · ends Dec 2056$667,124