Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $114,885
- Funds due
- $125,936
- Interest + MI left
- $107,864
- First ends
- Sep 2051
Assumption
Assumption + second
$2,253/mo
+$620/mo- Down payment
- $37,885
- Funds due
- $50,224
- Interest + MI left
- $253,905
- First ends
- Sep 2051
New loan
New conventional
$2,796/mo
+$1,163/mo- Down payment
- $37,885
- Funds due
- $46,563
- Interest + MI left
- $509,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,020 | $259,020 | $336,020 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,231.15 | $1,231.15 | $2,326.53 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $67.20 |
| Taxes, insurance & HOA | $402.25 | $402.25 | $402.25 |
| Total housing payment | $1,633.40 | $2,252.96 | $2,795.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,885
Closing costs & prepaids$12,339
Usable credit−$0
Total buyer cash needed$50,224
Earnest money paid−$0
Remaining funds due$50,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,739.05
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,295.10
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)$480.75
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$42.29
Prepaid interest, second (2 days)$37.97
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$42,587Through Nov 2026
Assumption only · ends Sep 2051$107,864
Assumption + second · ends Sep 2051, second Dec 2056$253,905
New conventional · ends Dec 2056$509,530