Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $141,258
- Funds due
- $152,768
- Interest + MI left
- $121,986
- First ends
- Sep 2051
Assumption
Assumption + second
$2,492/mo
+$789/mo- Down payment
- $43,258
- Funds due
- $56,042
- Interest + MI left
- $307,857
- First ends
- Sep 2051
New loan
New conventional
$3,080/mo
+$1,376/mo- Down payment
- $43,258
- Funds due
- $52,154
- Interest + MI left
- $586,369
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,642 | $288,642 | $386,642 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,377.95 | $1,377.95 | $2,677.03 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $77.33 |
| Taxes, insurance & HOA | $325.33 | $325.33 | $325.33 |
| Total housing payment | $1,703.28 | $2,491.81 | $3,079.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,258
Closing costs & prepaids$12,784
Usable credit−$0
Total buyer cash needed$56,042
Earnest money paid−$0
Remaining funds due$56,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,443.21
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)$411.00
Initial HOA (3 months)$114.99
Prepaid interest, first (1 days)$23.88
Prepaid interest, second (1 days)$24.16
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 3.020%
Interest already paid$48,075Through Nov 2026
Assumption only · ends Sep 2051$121,986
Assumption + second · ends Sep 2051, second Dec 2056$307,857
New conventional · ends Dec 2056$586,369