Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $153,015
- Funds due
- $164,097
- Interest + MI left
- $105,128
- First ends
- Jul 2051
Assumption
Assumption + second
$2,371/mo
+$829/mo- Down payment
- $40,015
- Funds due
- $52,372
- Interest + MI left
- $290,624
- First ends
- Jul 2051
New loan
New conventional
$2,917/mo
+$1,375/mo- Down payment
- $40,015
- Funds due
- $48,721
- Interest + MI left
- $545,941
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,985 | $246,985 | $359,985 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,189.57 | $1,189.57 | $2,492.46 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $72.00 |
| Taxes, insurance & HOA | $352.58 | $352.58 | $352.58 |
| Total housing payment | $1,542.15 | $2,371.31 | $2,917.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,015
Closing costs & prepaids$12,356
Usable credit−$0
Total buyer cash needed$52,372
Earnest money paid−$0
Remaining funds due$52,372
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,234.92
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)$403.00
Initial HOA (3 months)$204.75
Prepaid interest, first (1 days)$20.71
Prepaid interest, second (1 days)$24.77
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 3.060%
Interest already paid$43,117Through Nov 2026
Assumption only · ends Jul 2051$105,128
Assumption + second · ends Jul 2051, second Dec 2056$290,624
New conventional · ends Dec 2056$545,941