Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
Lowest payment- Down payment
- $176,915
- Funds due
- $189,678
- Interest + MI left
- $130,510
- First ends
- Nov 2051
Assumption
Assumption + second
$2,813/mo
+$925/mo- Down payment
- $50,915
- Funds due
- $64,956
- Interest + MI left
- $337,346
- First ends
- Nov 2051
New loan
New conventional
$3,595/mo
+$1,706/mo- Down payment
- $50,915
- Funds due
- $60,803
- Interest + MI left
- $688,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,084 | $328,084 | $454,084 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,528.65 | $1,528.65 | $3,143.99 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $90.82 |
| Taxes, insurance & HOA | $359.91 | $359.91 | $359.91 |
| Total housing payment | $1,888.56 | $2,813.10 | $3,594.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,915
Closing costs & prepaids$14,041
Usable credit−$0
Total buyer cash needed$64,956
Earnest money paid−$0
Remaining funds due$64,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,049.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.42
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)$434.75
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$25.53
Prepaid interest, second (1 days)$27.62
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$49,692Through Nov 2026
Assumption only · ends Nov 2051$130,510
Assumption + second · ends Nov 2051, second Dec 2056$337,346
New conventional · ends Dec 2056$688,649