Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $149,671
- Funds due
- $162,265
- Interest + MI left
- $126,806
- First ends
- Aug 2051
Assumption
Assumption + second
$2,649/mo
+$756/mo- Down payment
- $46,671
- Funds due
- $60,718
- Interest + MI left
- $295,886
- First ends
- Aug 2051
New loan
New conventional
$3,299/mo
+$1,406/mo- Down payment
- $46,671
- Funds due
- $56,960
- Interest + MI left
- $604,209
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,229 | $310,229 | $413,229 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,476.47 | $1,476.47 | $2,799.36 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $82.65 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,893.14 | $2,648.91 | $3,298.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,671
Closing costs & prepaids$14,047
Usable credit−$0
Total buyer cash needed$60,718
Earnest money paid−$0
Remaining funds due$60,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,551.14
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$225.66
Prepaid interest, second (9 days)$203.18
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 2.95%
Interest already paid$52,270Through Dec 2026
Assumption only · ends Aug 2051$126,806
Assumption + second · ends Aug 2051, second Jan 2057$295,886
New conventional · ends Jan 2057$604,209