Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,099/mo
Lowest payment- Down payment
- $65,696
- Funds due
- $81,244
- Interest + MI left
- $218,203
- First ends
- Nov 2051
Assumption
Assumption + second
$3,456/mo
+$357/mo- Down payment
- $30,696
- Funds due
- $47,517
- Interest + MI left
- $311,598
- First ends
- Nov 2051
New loan
New conventional
$4,685/mo
+$1,585/mo- Down payment
- $30,696
- Funds due
- $42,572
- Interest + MI left
- $881,682
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,304 | $544,304 | $579,304 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,541.69 | $2,541.69 | $4,010.98 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $115.86 |
| Taxes, insurance & HOA | $557.75 | $557.75 | $557.75 |
| Total housing payment | $3,099.44 | $3,456.09 | $4,684.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,696
Closing costs & prepaids$16,821
Usable credit−$0
Total buyer cash needed$47,517
Earnest money paid−$0
Remaining funds due$47,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,721.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$828.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$85.30
Prepaid interest, second (2 days)$22.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$83,005Through Nov 2026
Assumption only · ends Nov 2051$218,203
Assumption + second · ends Nov 2051, second Dec 2056$311,598
New conventional · ends Dec 2056$881,682