Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $153,575
- Funds due
- $164,896
- Interest + MI left
- $104,499
- First ends
- Jul 2051
Assumption
Assumption + second
$2,397/mo
+$829/mo- Down payment
- $40,575
- Funds due
- $53,369
- Interest + MI left
- $289,994
- First ends
- Jul 2051
New loan
New conventional
$2,885/mo
+$1,317/mo- Down payment
- $40,575
- Funds due
- $49,915
- Interest + MI left
- $525,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,425 | $246,425 | $359,425 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,189.57 | $1,189.57 | $2,434.87 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $71.89 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $1,567.82 | $2,396.98 | $2,885.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,575
Closing costs & prepaids$12,794
Usable credit−$0
Total buyer cash needed$53,369
Earnest money paid−$0
Remaining funds due$53,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,232.12
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)$480.00
Initial HOA (3 months)$204.75
Prepaid interest, first (9 days)$185.93
Prepaid interest, second (9 days)$222.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$43,747Through Dec 2026
Assumption only · ends Jul 2051$104,499
Assumption + second · ends Jul 2051, second Jan 2057$289,994
New conventional · ends Jan 2057$525,539