Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $45,004
- Funds due
- $56,791
- Interest + MI left
- $103,856
- First ends
- Jul 2051
Assumption
Assumption + second
$2,444/mo
+$306/mo- Down payment
- $15,004
- Funds due
- $28,050
- Interest + MI left
- $183,909
- First ends
- Jul 2051
New loan
New conventional
$2,915/mo
+$777/mo- Down payment
- $15,004
- Funds due
- $24,663
- Interest + MI left
- $416,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,996 | $243,996 | $273,996 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,175.18 | $1,175.18 | $1,897.09 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $54.80 |
| Taxes, insurance & HOA | $962.75 | $962.75 | $962.75 |
| Total housing payment | $2,137.93 | $2,443.63 | $2,914.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,004
Closing costs & prepaids$13,046
Usable credit−$0
Total buyer cash needed$28,050
Earnest money paid−$0
Remaining funds due$28,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,219.98
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)$302.25
Initial HOA (3 months)$2,136.00
Prepaid interest, first (1 days)$20.46
Prepaid interest, second (1 days)$9.76
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$42,595Through Nov 2026
Assumption only · ends Jul 2051$103,856
Assumption + second · ends Jul 2051, second Dec 2056$183,909
New conventional · ends Dec 2056$416,958