Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $151,958
- Funds due
- $163,615
- Interest + MI left
- $109,152
- First ends
- Aug 2051
Assumption
Assumption + second
$2,459/mo
+$800/mo- Down payment
- $42,958
- Funds due
- $56,080
- Interest + MI left
- $288,081
- First ends
- Aug 2051
New loan
New conventional
$3,014/mo
+$1,355/mo- Down payment
- $42,958
- Funds due
- $52,525
- Interest + MI left
- $551,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,042 | $268,042 | $377,042 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,274.30 | $1,274.30 | $2,554.21 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $75.41 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,658.97 | $2,458.78 | $3,014.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,958
Closing costs & prepaids$13,122
Usable credit−$0
Total buyer cash needed$56,080
Earnest money paid−$0
Remaining funds due$56,080
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,340.21
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)$504.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$194.31
Prepaid interest, second (9 days)$215.01
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 2.94%
Interest already paid$45,013Through Dec 2026
Assumption only · ends Aug 2051$109,152
Assumption + second · ends Aug 2051, second Jan 2057$288,081
New conventional · ends Jan 2057$551,222