Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $156,144
- Funds due
- $169,142
- Interest + MI left
- $134,863
- First ends
- Sep 2051
Assumption
Assumption + second
$2,851/mo
+$792/mo- Down payment
- $48,144
- Funds due
- $62,439
- Interest + MI left
- $312,151
- First ends
- Sep 2051
New loan
New conventional
$3,596/mo
+$1,537/mo- Down payment
- $48,144
- Funds due
- $58,371
- Interest + MI left
- $654,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,856 | $323,856 | $431,856 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,539.33 | $1,539.33 | $2,990.08 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $86.37 |
| Taxes, insurance & HOA | $519.42 | $519.42 | $519.42 |
| Total housing payment | $2,058.74 | $2,851.21 | $3,595.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,144
Closing costs & prepaids$14,296
Usable credit−$0
Total buyer cash needed$62,439
Earnest money paid−$0
Remaining funds due$62,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,619.28
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)$890.25
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$52.88
Prepaid interest, second (2 days)$47.34
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$53,247Through Nov 2026
Assumption only · ends Sep 2051$134,863
Assumption + second · ends Sep 2051, second Dec 2056$312,151
New conventional · ends Dec 2056$654,939