Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $144,579
- Funds due
- $155,772
- Interest + MI left
- $110,529
- First ends
- Sep 2051
Assumption
Assumption + second
$2,343/mo
+$756/mo- Down payment
- $41,579
- Funds due
- $54,045
- Interest + MI left
- $279,609
- First ends
- Sep 2051
New loan
New conventional
$2,950/mo
+$1,363/mo- Down payment
- $41,579
- Funds due
- $50,289
- Interest + MI left
- $558,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,421 | $265,421 | $368,421 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,261.58 | $1,261.58 | $2,550.87 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $73.68 |
| Taxes, insurance & HOA | $325.50 | $325.50 | $325.50 |
| Total housing payment | $1,587.08 | $2,342.86 | $2,950.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,579
Closing costs & prepaids$12,466
Usable credit−$0
Total buyer cash needed$54,045
Earnest money paid−$0
Remaining funds due$54,045
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,327.11
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)$310.50
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$21.67
Prepaid interest, second (1 days)$22.58
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 2.980%
Interest already paid$43,639Through Nov 2026
Assumption only · ends Sep 2051$110,529
Assumption + second · ends Sep 2051, second Dec 2056$279,609
New conventional · ends Dec 2056$558,662