Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $200,539
- Funds due
- $212,218
- Interest + MI left
- $94,050
- First ends
- Aug 2051
Assumption
Assumption + second
$2,717/mo
+$1,152/mo- Down payment
- $43,539
- Funds due
- $56,537
- Interest + MI left
- $351,774
- First ends
- Aug 2051
New loan
New conventional
$3,228/mo
+$1,663/mo- Down payment
- $43,539
- Funds due
- $52,963
- Interest + MI left
- $585,679
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,238 | $229,238 | $386,238 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,088.51 | $1,088.51 | $2,674.23 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $77.25 |
| Taxes, insurance & HOA | $476.66 | $476.66 | $476.66 |
| Total housing payment | $1,565.17 | $2,717.18 | $3,228.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,539
Closing costs & prepaids$12,998
Usable credit−$0
Total buyer cash needed$56,537
Earnest money paid−$0
Remaining funds due$56,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,297.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,146.19
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)$928.75
Initial HOA (3 months)$51.24
Prepaid interest, first (2 days)$37.05
Prepaid interest, second (2 days)$68.82
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 9 moOf the original 30-year loan at 2.950%
Interest already paid$37,972Through Nov 2026
Assumption only · ends Aug 2051$94,050
Assumption + second · ends Aug 2051, second Dec 2056$351,774
New conventional · ends Dec 2056$585,679