Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $86,934
- Funds due
- $97,230
- Interest + MI left
- $100,582
- First ends
- Dec 2051
Assumption
Assumption + second
$1,884/mo
+$426/mo- Down payment
- $33,934
- Funds due
- $45,506
- Interest + MI left
- $201,104
- First ends
- Dec 2051
New loan
New conventional
$2,444/mo
+$986/mo- Down payment
- $33,934
- Funds due
- $41,939
- Interest + MI left
- $456,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,066 | $248,066 | $301,066 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,158.30 | $1,158.30 | $2,084.52 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $60.21 |
| Taxes, insurance & HOA | $299.25 | $299.25 | $299.25 |
| Total housing payment | $1,457.54 | $1,883.99 | $2,443.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,934
Closing costs & prepaids$11,571
Usable credit−$0
Total buyer cash needed$45,506
Earnest money paid−$0
Remaining funds due$45,506
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,240.33
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)$404.75
Initial HOA (3 months)$42.99
Prepaid interest, first (2 days)$39.15
Prepaid interest, second (2 days)$26.14
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 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$37,405Through Nov 2026
Assumption only · ends Dec 2051$100,582
Assumption + second · ends Dec 2051, second Dec 2056$201,104
New conventional · ends Dec 2056$456,527