Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $53,719
- Funds due
- $64,594
- Interest + MI left
- $95,087
- First ends
- Nov 2051
Assumption
Assumption + second
$2,171/mo
+$397/mo- Down payment
- $14,719
- Funds due
- $26,857
- Interest + MI left
- $199,155
- First ends
- Nov 2051
New loan
New conventional
$2,630/mo
+$856/mo- Down payment
- $14,719
- Funds due
- $23,510
- Interest + MI left
- $418,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,281 | $236,281 | $275,281 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,104.56 | $1,104.56 | $1,905.99 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $55.06 |
| Taxes, insurance & HOA | $669.25 | $669.25 | $669.25 |
| Total housing payment | $1,773.81 | $2,171.22 | $2,630.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,719
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$26,857
Earnest money paid−$0
Remaining funds due$26,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,181.41
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)$327.75
Initial HOA (3 months)$1,230.00
Prepaid interest, first (1 days)$18.58
Prepaid interest, second (1 days)$12.69
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 2.870%
Interest already paid$36,155Through Nov 2026
Assumption only · ends Nov 2051$95,087
Assumption + second · ends Nov 2051, second Dec 2056$199,155
New conventional · ends Dec 2056$418,914