Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,000/mo
Lowest payment- Down payment
- $207,382
- Funds due
- $217,381
- Interest + MI left
- $60,958
- First ends
- Oct 2051
Assumption
Assumption + second
$2,254/mo
+$1,255/mo- Down payment
- $36,382
- Funds due
- $47,669
- Interest + MI left
- $341,663
- First ends
- Oct 2051
New loan
New conventional
$2,591/mo
+$1,591/mo- Down payment
- $36,382
- Funds due
- $44,515
- Interest + MI left
- $490,724
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,618 | $152,618 | $323,618 |
| Second mortgage | — | $171,000 | — |
| First P&I | $714.30 | $714.30 | $2,240.67 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $64.72 |
| Taxes, insurance & HOA | $285.34 | $285.34 | $285.34 |
| Total housing payment | $999.64 | $2,254.37 | $2,590.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,382
Closing costs & prepaids$11,287
Usable credit−$0
Total buyer cash needed$47,669
Earnest money paid−$0
Remaining funds due$47,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$763.09
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)$393.50
Initial HOA (3 months)$12.51
Prepaid interest, first (1 days)$11.96
Prepaid interest, second (1 days)$37.48
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 2.860%
Interest already paid$23,692Through Nov 2026
Assumption only · ends Oct 2051$60,958
Assumption + second · ends Oct 2051, second Dec 2056$341,663
New conventional · ends Dec 2056$490,724