Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $160,130
- Funds due
- $171,959
- Interest + MI left
- $110,299
- First ends
- Aug 2051
Assumption
Assumption + second
$2,603/mo
+$859/mo- Down payment
- $43,130
- Funds due
- $56,260
- Interest + MI left
- $302,361
- First ends
- Aug 2051
New loan
New conventional
$3,201/mo
+$1,457/mo- Down payment
- $43,130
- Funds due
- $52,522
- Interest + MI left
- $579,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,870 | $264,870 | $381,870 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,263.19 | $1,263.19 | $2,643.99 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $76.37 |
| Taxes, insurance & HOA | $481.00 | $481.00 | $481.00 |
| Total housing payment | $1,744.19 | $2,602.70 | $3,201.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,130
Closing costs & prepaids$13,130
Usable credit−$0
Total buyer cash needed$56,260
Earnest money paid−$0
Remaining funds due$56,260
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,324.35
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)$968.00
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$43.40
Prepaid interest, second (2 days)$51.29
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 2.990%
Interest already paid$44,451Through Nov 2026
Assumption only · ends Aug 2051$110,299
Assumption + second · ends Aug 2051, second Dec 2056$302,361
New conventional · ends Dec 2056$579,055