Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $111,718
- Funds due
- $122,254
- Interest + MI left
- $97,303
- First ends
- Aug 2051
Assumption
Assumption + second
$2,097/mo
+$612/mo- Down payment
- $35,718
- Funds due
- $47,523
- Interest + MI left
- $241,448
- First ends
- Aug 2051
New loan
New conventional
$2,587/mo
+$1,101/mo- Down payment
- $35,718
- Funds due
- $43,966
- Interest + MI left
- $473,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,282 | $236,282 | $312,282 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,123.18 | $1,123.18 | $2,162.18 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $62.46 |
| Taxes, insurance & HOA | $362.41 | $362.41 | $362.41 |
| Total housing payment | $1,485.60 | $2,097.11 | $2,587.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,718
Closing costs & prepaids$11,805
Usable credit−$0
Total buyer cash needed$47,523
Earnest money paid−$0
Remaining funds due$47,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,181.41
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)$552.25
Initial HOA (3 months)$84.99
Prepaid interest, first (1 days)$19.16
Prepaid interest, second (1 days)$18.74
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 2.960%
Interest already paid$39,267Through Nov 2026
Assumption only · ends Aug 2051$97,303
Assumption + second · ends Aug 2051, second Dec 2056$241,448
New conventional · ends Dec 2056$473,472