Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,848/mo
Lowest payment- Down payment
- $132,276
- Funds due
- $144,332
- Interest + MI left
- $120,099
- First ends
- Aug 2051
Assumption
Assumption + second
$2,564/mo
+$716/mo- Down payment
- $43,276
- Funds due
- $56,779
- Interest + MI left
- $288,900
- First ends
- Aug 2051
New loan
New conventional
$3,116/mo
+$1,268/mo- Down payment
- $43,276
- Funds due
- $53,104
- Interest + MI left
- $558,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,724 | $292,724 | $381,724 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,394.67 | $1,394.67 | $2,585.93 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $76.34 |
| Taxes, insurance & HOA | $453.33 | $453.33 | $453.33 |
| Total housing payment | $1,848.00 | $2,564.11 | $3,115.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,276
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$56,779
Earnest money paid−$0
Remaining funds due$56,779
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%)$1,463.62
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)$510.00
Initial HOA (3 months)$399.99
Prepaid interest, first (9 days)$213.65
Prepaid interest, second (9 days)$197.51
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$49,482Through Dec 2026
Assumption only · ends Aug 2051$120,099
Assumption + second · ends Aug 2051, second Jan 2057$288,900
New conventional · ends Jan 2057$558,067