Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $163,320
- Funds due
- $174,071
- Interest + MI left
- $91,553
- First ends
- Jun 2051
Assumption
Assumption + second
$2,323/mo
+$917/mo- Down payment
- $38,320
- Funds due
- $50,349
- Interest + MI left
- $296,747
- First ends
- Jun 2051
New loan
New conventional
$2,795/mo
+$1,389/mo- Down payment
- $38,320
- Funds due
- $46,863
- Interest + MI left
- $518,181
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,680 | $216,680 | $341,680 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,044.86 | $1,044.86 | $2,365.72 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $68.34 |
| Taxes, insurance & HOA | $360.66 | $360.66 | $360.66 |
| Total housing payment | $1,405.52 | $2,322.73 | $2,794.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,320
Closing costs & prepaids$12,029
Usable credit−$0
Total buyer cash needed$50,349
Earnest money paid−$0
Remaining funds due$50,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,083.40
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)$457.00
Initial HOA (3 months)$174.99
Prepaid interest, first (1 days)$18.11
Prepaid interest, second (1 days)$27.40
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 3.050%
Interest already paid$38,345Through Nov 2026
Assumption only · ends Jun 2051$91,553
Assumption + second · ends Jun 2051, second Dec 2056$296,747
New conventional · ends Dec 2056$518,181