Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
Lowest payment- Down payment
- $129,457
- Funds due
- $141,230
- Interest + MI left
- $129,319
- First ends
- Sep 2051
Assumption
Assumption + second
$2,502/mo
+$684/mo- Down payment
- $44,457
- Funds due
- $57,501
- Interest + MI left
- $290,534
- First ends
- Sep 2051
New loan
New conventional
$3,160/mo
+$1,342/mo- Down payment
- $44,457
- Funds due
- $53,495
- Interest + MI left
- $599,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,543 | $310,543 | $395,543 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,476.05 | $1,476.05 | $2,738.66 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $79.11 |
| Taxes, insurance & HOA | $342.33 | $342.33 | $342.33 |
| Total housing payment | $1,818.38 | $2,502.31 | $3,160.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,457
Closing costs & prepaids$13,044
Usable credit−$0
Total buyer cash needed$57,501
Earnest money paid−$0
Remaining funds due$57,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,552.71
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)$481.00
Initial HOA (3 months)$96.00
Prepaid interest, first (1 days)$25.35
Prepaid interest, second (1 days)$20.96
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 2.980%
Interest already paid$51,058Through Nov 2026
Assumption only · ends Sep 2051$129,319
Assumption + second · ends Sep 2051, second Dec 2056$290,534
New conventional · ends Dec 2056$599,788