Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,624/mo
Lowest payment- Down payment
- $83,990
- Funds due
- $94,692
- Interest + MI left
- $108,726
- First ends
- Aug 2051
Assumption
Assumption + second
$2,019/mo
+$394/mo- Down payment
- $34,990
- Funds due
- $46,954
- Interest + MI left
- $201,662
- First ends
- Aug 2051
New loan
New conventional
$2,603/mo
+$979/mo- Down payment
- $34,990
- Funds due
- $43,267
- Interest + MI left
- $476,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,010 | $265,010 | $314,010 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,258.37 | $1,258.37 | $2,174.14 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $365.92 | $365.92 | $365.92 |
| Total housing payment | $1,624.29 | $2,018.55 | $2,602.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,990
Closing costs & prepaids$11,964
Usable credit−$0
Total buyer cash needed$46,954
Earnest money paid−$0
Remaining funds due$46,954
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,325.05
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)$374.75
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$21.42
Prepaid interest, second (1 days)$12.08
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$43,897Through Nov 2026
Assumption only · ends Aug 2051$108,726
Assumption + second · ends Aug 2051, second Dec 2056$201,662
New conventional · ends Dec 2056$476,217