Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $130,616
- Funds due
- $142,992
- Interest + MI left
- $130,375
- First ends
- Aug 2051
Assumption
Assumption + second
$2,713/mo
+$692/mo- Down payment
- $44,616
- Funds due
- $58,284
- Interest + MI left
- $293,486
- First ends
- Aug 2051
New loan
New conventional
$3,349/mo
+$1,328/mo- Down payment
- $44,616
- Funds due
- $54,324
- Interest + MI left
- $596,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,384 | $307,384 | $393,384 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,473.94 | $1,473.94 | $2,723.71 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $78.68 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $2,020.61 | $2,712.58 | $3,349.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,616
Closing costs & prepaids$13,669
Usable credit−$0
Total buyer cash needed$58,284
Earnest money paid−$0
Remaining funds due$58,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,536.92
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)$1,095.00
Initial HOA (3 months)$95.01
Prepaid interest, first (2 days)$51.20
Prepaid interest, second (2 days)$42.41
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 3.040%
Interest already paid$52,422Through Nov 2026
Assumption only · ends Aug 2051$130,375
Assumption + second · ends Aug 2051, second Dec 2056$293,486
New conventional · ends Dec 2056$596,515