Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $145,181
- Funds due
- $156,726
- Interest + MI left
- $109,870
- First ends
- Sep 2051
Assumption
Assumption + second
$2,411/mo
+$763/mo- Down payment
- $41,181
- Funds due
- $54,181
- Interest + MI left
- $280,591
- First ends
- Sep 2051
New loan
New conventional
$2,958/mo
+$1,311/mo- Down payment
- $41,181
- Funds due
- $50,655
- Interest + MI left
- $539,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,819 | $264,819 | $368,819 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,261.58 | $1,261.58 | $2,498.51 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $73.76 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $1,647.58 | $2,410.69 | $2,958.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,181
Closing costs & prepaids$13,000
Usable credit−$0
Total buyer cash needed$54,181
Earnest money paid−$0
Remaining funds due$54,181
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,324.09
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)$492.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$194.59
Prepaid interest, second (9 days)$205.15
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 2.98%
Interest already paid$44,298Through Dec 2026
Assumption only · ends Sep 2051$109,870
Assumption + second · ends Sep 2051, second Jan 2057$280,591
New conventional · ends Jan 2057$539,274