Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $72,583
- Funds due
- $83,909
- Interest + MI left
- $119,521
- First ends
- Aug 2051
Assumption
Assumption + second
$2,151/mo
+$290/mo- Down payment
- $36,583
- Funds due
- $49,168
- Interest + MI left
- $187,800
- First ends
- Aug 2051
New loan
New conventional
$2,814/mo
+$953/mo- Down payment
- $36,583
- Funds due
- $45,331
- Interest + MI left
- $498,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,417 | $292,417 | $328,417 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,387.00 | $1,387.00 | $2,273.89 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $65.68 |
| Taxes, insurance & HOA | $474.17 | $474.17 | $474.17 |
| Total housing payment | $1,861.16 | $2,150.83 | $2,813.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,583
Closing costs & prepaids$12,585
Usable credit−$0
Total buyer cash needed$49,168
Earnest money paid−$0
Remaining funds due$49,168
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,462.08
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)$912.50
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$23.55
Prepaid interest, second (1 days)$8.88
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 2.940%
Interest already paid$48,278Through Nov 2026
Assumption only · ends Aug 2051$119,521
Assumption + second · ends Aug 2051, second Dec 2056$187,800
New conventional · ends Dec 2056$498,066