Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,498/mo
Lowest payment- Down payment
- $145,265
- Funds due
- $156,309
- Interest + MI left
- $78,497
- First ends
- Sep 2051
Assumption
Assumption + second
$2,290/mo
+$792/mo- Down payment
- $37,265
- Funds due
- $49,582
- Interest + MI left
- $255,785
- First ends
- Sep 2051
New loan
New conventional
$2,847/mo
+$1,349/mo- Down payment
- $37,265
- Funds due
- $46,076
- Interest + MI left
- $503,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,735 | $223,735 | $331,735 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,014.20 | $1,014.20 | $2,296.87 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $66.35 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $1,497.87 | $2,290.33 | $2,846.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,265
Closing costs & prepaids$12,317
Usable credit−$0
Total buyer cash needed$49,582
Earnest money paid−$0
Remaining funds due$49,582
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,118.67
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)$926.00
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$15.63
Prepaid interest, second (1 days)$23.67
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 2.550%
Interest already paid$31,615Through Nov 2026
Assumption only · ends Sep 2051$78,497
Assumption + second · ends Sep 2051, second Dec 2056$255,785
New conventional · ends Dec 2056$503,032