Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $131,050
- Funds due
- $141,599
- Interest + MI left
- $85,541
- First ends
- Sep 2051
Assumption
Assumption + second
$2,212/mo
+$780/mo- Down payment
- $34,050
- Funds due
- $45,873
- Interest + MI left
- $269,515
- First ends
- Sep 2051
New loan
New conventional
$2,615/mo
+$1,184/mo- Down payment
- $34,050
- Funds due
- $42,476
- Interest + MI left
- $460,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,950 | $206,950 | $303,950 |
| Second mortgage | — | $97,000 | — |
| First P&I | $981.51 | $981.51 | $2,104.49 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $60.79 |
| Taxes, insurance & HOA | $449.84 | $449.84 | $449.84 |
| Total housing payment | $1,431.35 | $2,211.83 | $2,615.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,050
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$45,873
Earnest money paid−$0
Remaining funds due$45,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,034.75
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)$699.50
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$16.78
Prepaid interest, second (1 days)$23.92
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 10 moOf the original 30-year loan at 2.960%
Interest already paid$33,804Through Nov 2026
Assumption only · ends Sep 2051$85,541
Assumption + second · ends Sep 2051, second Dec 2056$269,515
New conventional · ends Dec 2056$460,961