Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $115,079
- Funds due
- $127,990
- Interest + MI left
- $136,845
- First ends
- Sep 2051
Assumption
Assumption + second
$2,794/mo
+$563/mo- Down payment
- $45,079
- Funds due
- $59,257
- Interest + MI left
- $269,610
- First ends
- Sep 2051
New loan
New conventional
$3,532/mo
+$1,301/mo- Down payment
- $45,079
- Funds due
- $55,127
- Interest + MI left
- $613,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,821 | $334,821 | $404,821 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,582.77 | $1,582.77 | $2,802.90 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $80.96 |
| Taxes, insurance & HOA | $647.67 | $647.67 | $647.67 |
| Total housing payment | $2,230.44 | $2,793.67 | $3,531.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,079
Closing costs & prepaids$14,178
Usable credit−$0
Total buyer cash needed$59,257
Earnest money paid−$0
Remaining funds due$59,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,674.10
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)$959.00
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$26.88
Prepaid interest, second (1 days)$17.26
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 10 moOf the original 30-year loan at 2.930%
Interest already paid$54,153Through Nov 2026
Assumption only · ends Sep 2051$136,845
Assumption + second · ends Sep 2051, second Dec 2056$269,610
New conventional · ends Dec 2056$613,938