Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $153,849
- Funds due
- $167,392
- Interest + MI left
- $113,851
- First ends
- Jan 2051
Assumption
Assumption + second
$2,918/mo
+$748/mo- Down payment
- $51,849
- Funds due
- $66,664
- Interest + MI left
- $281,289
- First ends
- Jan 2051
New loan
New conventional
$3,831/mo
+$1,661/mo- Down payment
- $51,849
- Funds due
- $62,345
- Interest + MI left
- $702,400
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,151 | $361,151 | $463,151 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,637.94 | $1,637.94 | $3,206.76 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $92.63 |
| Taxes, insurance & HOA | $531.92 | $531.92 | $531.92 |
| Total housing payment | $2,169.85 | $2,918.29 | $3,831.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,849
Closing costs & prepaids$14,815
Usable credit−$0
Total buyer cash needed$66,664
Earnest money paid−$0
Remaining funds due$66,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,805.76
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)$702.75
Initial HOA (3 months)$393.00
Prepaid interest, first (1 days)$23.50
Prepaid interest, second (1 days)$22.36
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 2 moOf the original 30-year loan at 2.375%
Interest already paid$54,367Through Nov 2026
Assumption only · ends Jan 2051$113,851
Assumption + second · ends Jan 2051, second Dec 2056$281,289
New conventional · ends Dec 2056$702,400