Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,506/mo
Lowest payment- Down payment
- $173,157
- Funds due
- $184,456
- Interest + MI left
- $99,402
- First ends
- Sep 2051
Assumption
Assumption + second
$2,460/mo
+$954/mo- Down payment
- $43,157
- Funds due
- $55,734
- Interest + MI left
- $312,804
- First ends
- Sep 2051
New loan
New conventional
$3,062/mo
+$1,556/mo- Down payment
- $43,157
- Funds due
- $52,011
- Interest + MI left
- $584,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,693 | $255,693 | $385,693 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,191.59 | $1,191.59 | $2,670.46 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $77.14 |
| Taxes, insurance & HOA | $314.59 | $314.59 | $314.59 |
| Total housing payment | $1,506.18 | $2,460.07 | $3,062.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,157
Closing costs & prepaids$12,577
Usable credit−$0
Total buyer cash needed$55,734
Earnest money paid−$0
Remaining funds due$55,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,288.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.46
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)$377.00
Initial HOA (3 months)$116.76
Prepaid interest, first (1 days)$19.61
Prepaid interest, second (1 days)$28.49
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 10 moOf the original 30-year loan at 2.800%
Interest already paid$39,572Through Nov 2026
Assumption only · ends Sep 2051$99,402
Assumption + second · ends Sep 2051, second Dec 2056$312,804
New conventional · ends Dec 2056$584,929