Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $131,605
- Funds due
- $143,214
- Interest + MI left
- $120,823
- First ends
- Aug 2051
Assumption
Assumption + second
$2,469/mo
+$716/mo- Down payment
- $42,605
- Funds due
- $55,507
- Interest + MI left
- $289,624
- First ends
- Aug 2051
New loan
New conventional
$3,083/mo
+$1,329/mo- Down payment
- $42,605
- Funds due
- $51,634
- Interest + MI left
- $579,928
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,395 | $293,395 | $382,395 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,394.67 | $1,394.67 | $2,647.63 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $76.48 |
| Taxes, insurance & HOA | $358.50 | $358.50 | $358.50 |
| Total housing payment | $1,753.17 | $2,469.28 | $3,082.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,605
Closing costs & prepaids$12,902
Usable credit−$0
Total buyer cash needed$55,507
Earnest money paid−$0
Remaining funds due$55,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,466.97
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)$225.50
Initial HOA (3 months)$399.99
Prepaid interest, first (2 days)$47.59
Prepaid interest, second (2 days)$43.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.960%
Interest already paid$48,759Through Nov 2026
Assumption only · ends Aug 2051$120,823
Assumption + second · ends Aug 2051, second Dec 2056$289,624
New conventional · ends Dec 2056$579,928