Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,018/mo
Lowest payment- Down payment
- $149,486
- Funds due
- $158,939
- Interest + MI left
- $62,657
- First ends
- Sep 2051
Assumption
Assumption + second
$1,891/mo
+$873/mo- Down payment
- $30,486
- Funds due
- $41,241
- Interest + MI left
- $258,002
- First ends
- Sep 2051
New loan
New conventional
$2,222/mo
+$1,204/mo- Down payment
- $30,486
- Funds due
- $38,173
- Interest + MI left
- $408,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,464 | $150,464 | $269,464 |
| Second mortgage | — | $119,000 | — |
| First P&I | $715.17 | $715.17 | $1,865.71 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $53.89 |
| Taxes, insurance & HOA | $302.84 | $302.84 | $302.84 |
| Total housing payment | $1,018.01 | $1,891.19 | $2,222.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,486
Closing costs & prepaids$10,755
Usable credit−$0
Total buyer cash needed$41,241
Earnest money paid−$0
Remaining funds due$41,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$752.32
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)$300.50
Initial HOA (3 months)$158.01
Prepaid interest, first (2 days)$24.57
Prepaid interest, second (2 days)$52.16
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$24,738Through Nov 2026
Assumption only · ends Sep 2051$62,657
Assumption + second · ends Sep 2051, second Dec 2056$258,002
New conventional · ends Dec 2056$408,606