Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,653/mo
Lowest payment- Down payment
- $65,871
- Funds due
- $79,864
- Interest + MI left
- $187,030
- First ends
- Sep 2051
Assumption
Assumption + second
$3,061/mo
+$408/mo- Down payment
- $25,871
- Funds due
- $41,140
- Interest + MI left
- $293,766
- First ends
- Sep 2051
New loan
New conventional
$4,003/mo
+$1,350/mo- Down payment
- $25,871
- Funds due
- $36,692
- Interest + MI left
- $744,437
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,128 | $449,128 | $489,128 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,134.76 | $2,134.76 | $3,386.62 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $97.83 |
| Taxes, insurance & HOA | $518.67 | $518.67 | $518.67 |
| Total housing payment | $2,653.43 | $3,061.03 | $4,003.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,871
Closing costs & prepaids$15,269
Usable credit−$0
Total buyer cash needed$41,140
Earnest money paid−$0
Remaining funds due$41,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,245.64
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$585.00
Initial HOA (3 months)$471.00
Prepaid interest, first (2 days)$73.34
Prepaid interest, second (2 days)$26.03
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$73,843Through Nov 2026
Assumption only · ends Sep 2051$187,030
Assumption + second · ends Sep 2051, second Dec 2056$293,766
New conventional · ends Dec 2056$744,437