Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $148,959
- Funds due
- $161,200
- Interest + MI left
- $127,570
- First ends
- Aug 2051
Assumption
Assumption + second
$2,590/mo
+$748/mo- Down payment
- $46,959
- Funds due
- $60,473
- Interest + MI left
- $295,009
- First ends
- Aug 2051
New loan
New conventional
$3,306/mo
+$1,465/mo- Down payment
- $46,959
- Funds due
- $56,441
- Interest + MI left
- $626,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,941 | $310,941 | $412,941 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,476.47 | $1,476.47 | $2,859.12 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $82.59 |
| Taxes, insurance & HOA | $364.75 | $364.75 | $364.75 |
| Total housing payment | $1,841.22 | $2,589.66 | $3,306.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,959
Closing costs & prepaids$13,513
Usable credit−$0
Total buyer cash needed$60,473
Earnest money paid−$0
Remaining funds due$60,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,554.70
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$396.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$25.13
Prepaid interest, second (1 days)$22.36
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 2.950%
Interest already paid$51,505Through Nov 2026
Assumption only · ends Aug 2051$127,570
Assumption + second · ends Aug 2051, second Dec 2056$295,009
New conventional · ends Dec 2056$626,170