Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,256/mo
Lowest payment- Down payment
- $135,609
- Funds due
- $145,711
- Interest + MI left
- $82,749
- First ends
- Jun 2051
Assumption
Assumption + second
$1,990/mo
+$734/mo- Down payment
- $35,609
- Funds due
- $46,983
- Interest + MI left
- $246,904
- First ends
- Jun 2051
New loan
New conventional
$2,488/mo
+$1,232/mo- Down payment
- $35,609
- Funds due
- $43,537
- Interest + MI left
- $476,732
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,391 | $214,391 | $314,391 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,007.25 | $1,007.25 | $2,176.78 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $62.88 |
| Taxes, insurance & HOA | $248.50 | $248.50 | $248.50 |
| Total housing payment | $1,255.75 | $1,989.52 | $2,488.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,609
Closing costs & prepaids$11,374
Usable credit−$0
Total buyer cash needed$46,983
Earnest money paid−$0
Remaining funds due$46,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,071.95
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)$235.50
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$16.51
Prepaid interest, second (1 days)$21.92
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 7 moOf the original 30-year loan at 2.810%
Interest already paid$35,042Through Nov 2026
Assumption only · ends Jun 2051$82,749
Assumption + second · ends Jun 2051, second Dec 2056$246,904
New conventional · ends Dec 2056$476,732