Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $80,854
- Funds due
- $92,628
- Interest + MI left
- $122,603
- First ends
- Aug 2051
Assumption
Assumption + second
$2,271/mo
+$322/mo- Down payment
- $40,854
- Funds due
- $53,888
- Interest + MI left
- $198,469
- First ends
- Aug 2051
New loan
New conventional
$3,020/mo
+$1,071/mo- Down payment
- $40,854
- Funds due
- $49,880
- Interest + MI left
- $544,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,046 | $319,046 | $359,046 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,487.03 | $1,487.03 | $2,485.96 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $71.81 |
| Taxes, insurance & HOA | $462.42 | $462.42 | $462.42 |
| Total housing payment | $1,949.45 | $2,271.30 | $3,020.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,854
Closing costs & prepaids$13,034
Usable credit−$0
Total buyer cash needed$53,888
Earnest money paid−$0
Remaining funds due$53,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,595.23
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)$436.25
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$24.30
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 9 moOf the original 30-year loan at 2.780%
Interest already paid$49,889Through Nov 2026
Assumption only · ends Aug 2051$122,603
Assumption + second · ends Aug 2051, second Dec 2056$198,469
New conventional · ends Dec 2056$544,446