Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,828/mo
Lowest payment- Down payment
- $103,681
- Funds due
- $115,165
- Interest + MI left
- $98,639
- First ends
- Jul 2051
Assumption
Assumption + second
$2,384/mo
+$555/mo- Down payment
- $34,681
- Funds due
- $47,432
- Interest + MI left
- $229,507
- First ends
- Jul 2051
New loan
New conventional
$2,891/mo
+$1,062/mo- Down payment
- $34,681
- Funds due
- $43,862
- Interest + MI left
- $470,620
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,319 | $241,319 | $310,319 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,148.51 | $1,148.51 | $2,148.59 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $62.06 |
| Taxes, insurance & HOA | $679.91 | $679.91 | $679.91 |
| Total housing payment | $1,828.42 | $2,383.61 | $2,890.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,681
Closing costs & prepaids$12,751
Usable credit−$0
Total buyer cash needed$47,432
Earnest money paid−$0
Remaining funds due$47,432
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,206.59
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)$733.75
Initial HOA (3 months)$855.99
Prepaid interest, first (1 days)$19.50
Prepaid interest, second (1 days)$17.01
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 8 moOf the original 30-year loan at 2.950%
Interest already paid$40,659Through Nov 2026
Assumption only · ends Jul 2051$98,639
Assumption + second · ends Jul 2051, second Dec 2056$229,507
New conventional · ends Dec 2056$470,620