Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,452/mo
Lowest payment- Down payment
- $137,595
- Funds due
- $148,245
- Interest + MI left
- $98,579
- First ends
- Sep 2051
Assumption
Assumption + second
$2,193/mo
+$741/mo- Down payment
- $36,595
- Funds due
- $48,517
- Interest + MI left
- $264,376
- First ends
- Sep 2051
New loan
New conventional
$2,698/mo
+$1,246/mo- Down payment
- $36,595
- Funds due
- $44,996
- Interest + MI left
- $498,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,405 | $227,405 | $328,405 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,093.90 | $1,093.90 | $2,273.81 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $65.68 |
| Taxes, insurance & HOA | $358.33 | $358.33 | $358.33 |
| Total housing payment | $1,452.24 | $2,193.34 | $2,697.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,595
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$48,517
Earnest money paid−$0
Remaining funds due$48,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,137.02
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)$349.00
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$19.25
Prepaid interest, second (1 days)$22.14
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 10 moOf the original 30-year loan at 3.090%
Interest already paid$38,727Through Nov 2026
Assumption only · ends Sep 2051$98,579
Assumption + second · ends Sep 2051, second Dec 2056$264,376
New conventional · ends Dec 2056$498,048