Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $118,331
- Funds due
- $128,603
- Interest + MI left
- $88,139
- First ends
- Nov 2051
Assumption
Assumption + second
$2,029/mo
+$676/mo- Down payment
- $34,331
- Funds due
- $45,895
- Interest + MI left
- $247,457
- First ends
- Nov 2051
New loan
New conventional
$2,498/mo
+$1,144/mo- Down payment
- $34,331
- Funds due
- $42,448
- Interest + MI left
- $463,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,569 | $221,569 | $305,569 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,032.36 | $1,032.36 | $2,115.70 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $61.11 |
| Taxes, insurance & HOA | $320.92 | $320.92 | $320.92 |
| Total housing payment | $1,353.27 | $2,029.16 | $2,497.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,331
Closing costs & prepaids$11,563
Usable credit−$0
Total buyer cash needed$45,895
Earnest money paid−$0
Remaining funds due$45,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,107.84
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)$512.75
Prepaid interest, first (2 days)$34.48
Prepaid interest, second (2 days)$41.42
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 2.840%
Interest already paid$33,559Through Nov 2026
Assumption only · ends Nov 2051$88,139
Assumption + second · ends Nov 2051, second Dec 2056$247,457
New conventional · ends Dec 2056$463,355