Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $88,900
- Funds due
- $100,555
- Interest + MI left
- $132,453
- First ends
- Dec 2051
Assumption
Assumption + second
$2,295/mo
+$386/mo- Down payment
- $40,900
- Funds due
- $53,817
- Interest + MI left
- $223,492
- First ends
- Dec 2051
New loan
New conventional
$2,993/mo
+$1,085/mo- Down payment
- $40,900
- Funds due
- $49,845
- Interest + MI left
- $544,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,100 | $311,100 | $359,100 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,473.60 | $1,473.60 | $2,486.34 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $71.82 |
| Taxes, insurance & HOA | $435.33 | $435.33 | $435.33 |
| Total housing payment | $1,908.93 | $2,295.15 | $2,993.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,900
Closing costs & prepaids$12,917
Usable credit−$0
Total buyer cash needed$53,817
Earnest money paid−$0
Remaining funds due$53,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,555.50
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)$595.00
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$25.66
Prepaid interest, second (1 days)$11.84
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$48,967Through Nov 2026
Assumption only · ends Dec 2051$132,453
Assumption + second · ends Dec 2051, second Dec 2056$223,492
New conventional · ends Dec 2056$544,527