Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,023/mo
Lowest payment- Down payment
- $50,604
- Funds due
- $62,177
- Interest + MI left
- $112,569
- First ends
- Dec 2051
Assumption
Assumption + second
$2,369/mo
+$346/mo- Down payment
- $16,604
- Funds due
- $29,438
- Interest + MI left
- $203,294
- First ends
- Dec 2051
New loan
New conventional
$2,896/mo
+$873/mo- Down payment
- $16,604
- Funds due
- $25,935
- Interest + MI left
- $454,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,396 | $264,396 | $298,396 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,252.37 | $1,252.37 | $2,066.03 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $59.68 |
| Taxes, insurance & HOA | $770.42 | $770.42 | $770.42 |
| Total housing payment | $2,022.79 | $2,369.25 | $2,896.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,604
Closing costs & prepaids$12,834
Usable credit−$0
Total buyer cash needed$29,438
Earnest money paid−$0
Remaining funds due$29,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,321.98
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)$325.25
Initial HOA (3 months)$1,536.00
Prepaid interest, first (1 days)$21.80
Prepaid interest, second (1 days)$11.06
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 3.010%
Interest already paid$41,616Through Nov 2026
Assumption only · ends Dec 2051$112,569
Assumption + second · ends Dec 2051, second Dec 2056$203,294
New conventional · ends Dec 2056$454,030