Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,596/mo
Lowest payment- Down payment
- $156,241
- Funds due
- $167,529
- Interest + MI left
- $107,230
- First ends
- Jul 2051
Assumption
Assumption + second
$2,440/mo
+$844/mo- Down payment
- $41,241
- Funds due
- $53,804
- Interest + MI left
- $296,009
- First ends
- Jul 2051
New loan
New conventional
$3,004/mo
+$1,407/mo- Down payment
- $41,241
- Funds due
- $50,109
- Interest + MI left
- $559,248
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,759 | $253,759 | $368,759 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,219.56 | $1,219.56 | $2,553.21 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $73.75 |
| Taxes, insurance & HOA | $376.83 | $376.83 | $376.83 |
| Total housing payment | $1,596.39 | $2,440.22 | $3,003.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,241
Closing costs & prepaids$12,564
Usable credit−$0
Total buyer cash needed$53,804
Earnest money paid−$0
Remaining funds due$53,804
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,268.80
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)$532.50
Initial HOA (3 months)$147.99
Prepaid interest, first (1 days)$21.14
Prepaid interest, second (1 days)$25.21
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 8 moOf the original 30-year loan at 3.040%
Interest already paid$44,019Through Nov 2026
Assumption only · ends Jul 2051$107,230
Assumption + second · ends Jul 2051, second Dec 2056$296,009
New conventional · ends Dec 2056$559,248