Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $44,332
- Funds due
- $55,863
- Interest + MI left
- $137,764
- First ends
- Oct 2051
Assumption
Assumption + second
$2,251/mo
+$255/mo- Down payment
- $19,332
- Funds due
- $32,121
- Interest + MI left
- $204,474
- First ends
- Oct 2051
New loan
New conventional
$2,997/mo
+$1,001/mo- Down payment
- $19,332
- Funds due
- $28,225
- Interest + MI left
- $555,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,668 | $339,668 | $364,668 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,596.76 | $1,596.76 | $2,524.89 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $72.93 |
| Taxes, insurance & HOA | $399.08 | $399.08 | $399.08 |
| Total housing payment | $1,995.84 | $2,250.59 | $2,996.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,332
Closing costs & prepaids$12,789
Usable credit−$0
Total buyer cash needed$32,121
Earnest money paid−$0
Remaining funds due$32,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,840.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,698.34
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)$486.75
Initial HOA (3 months)$260.49
Prepaid interest, first (1 days)$26.99
Prepaid interest, second (1 days)$8.13
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$53,445Through Nov 2026
Assumption only · ends Oct 2051$137,764
Assumption + second · ends Oct 2051, second Dec 2056$204,474
New conventional · ends Dec 2056$555,013