Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $68,976
- Funds due
- $78,856
- Interest + MI left
- $89,959
- First ends
- Sep 2051
Assumption
Assumption + second
$1,737/mo
+$322/mo- Down payment
- $28,976
- Funds due
- $40,116
- Interest + MI left
- $165,824
- First ends
- Sep 2051
New loan
New conventional
$2,212/mo
+$797/mo- Down payment
- $28,976
- Funds due
- $36,727
- Interest + MI left
- $388,226
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,024 | $216,024 | $256,024 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,026.79 | $1,026.79 | $1,772.66 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $51.20 |
| Taxes, insurance & HOA | $388.08 | $388.08 | $388.08 |
| Total housing payment | $1,414.87 | $1,736.72 | $2,211.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,976
Closing costs & prepaids$11,140
Usable credit−$0
Total buyer cash needed$40,116
Earnest money paid−$0
Remaining funds due$40,116
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.12
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)$495.25
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$17.64
Prepaid interest, second (1 days)$9.86
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 2.980%
Interest already paid$35,517Through Nov 2026
Assumption only · ends Sep 2051$89,959
Assumption + second · ends Sep 2051, second Dec 2056$165,824
New conventional · ends Dec 2056$388,226