Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $136,909
- Funds due
- $148,656
- Interest + MI left
- $121,260
- First ends
- Sep 2051
Assumption
Assumption + second
$2,493/mo
+$756/mo- Down payment
- $42,909
- Funds due
- $56,114
- Interest + MI left
- $299,544
- First ends
- Sep 2051
New loan
New conventional
$3,022/mo
+$1,286/mo- Down payment
- $42,909
- Funds due
- $52,455
- Interest + MI left
- $558,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,991 | $287,991 | $381,991 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,377.95 | $1,377.95 | $2,587.74 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $76.40 |
| Taxes, insurance & HOA | $358.33 | $358.33 | $358.33 |
| Total housing payment | $1,736.28 | $2,492.62 | $3,022.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,909
Closing costs & prepaids$13,205
Usable credit−$0
Total buyer cash needed$56,114
Earnest money paid−$0
Remaining funds due$56,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,439.95
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)$114.99
Prepaid interest, first (9 days)$214.45
Prepaid interest, second (9 days)$208.60
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$48,801Through Dec 2026
Assumption only · ends Sep 2051$121,260
Assumption + second · ends Sep 2051, second Jan 2057$299,544
New conventional · ends Jan 2057$558,534