Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,541/mo
Lowest payment- Down payment
- $124,918
- Funds due
- $135,800
- Interest + MI left
- $90,232
- First ends
- Nov 2051
Assumption
Assumption + second
$2,257/mo
+$716/mo- Down payment
- $35,918
- Funds due
- $48,072
- Interest + MI left
- $259,033
- First ends
- Nov 2051
New loan
New conventional
$2,728/mo
+$1,186/mo- Down payment
- $35,918
- Funds due
- $44,568
- Interest + MI left
- $476,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,082 | $225,082 | $314,082 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,051.05 | $1,051.05 | $2,174.64 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $62.82 |
| Taxes, insurance & HOA | $490.33 | $490.33 | $490.33 |
| Total housing payment | $1,541.38 | $2,257.49 | $2,727.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,918
Closing costs & prepaids$12,154
Usable credit−$0
Total buyer cash needed$48,072
Earnest money paid−$0
Remaining funds due$48,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,125.41
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)$580.00
Initial HOA (3 months)$441.00
Prepaid interest, first (1 days)$17.64
Prepaid interest, second (1 days)$21.95
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 2.860%
Interest already paid$34,325Through Nov 2026
Assumption only · ends Nov 2051$90,232
Assumption + second · ends Nov 2051, second Dec 2056$259,033
New conventional · ends Dec 2056$476,201