Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $141,344
- Funds due
- $152,983
- Interest + MI left
- $116,379
- First ends
- Aug 2051
Assumption
Assumption + second
$2,472/mo
+$789/mo- Down payment
- $43,344
- Funds due
- $56,450
- Interest + MI left
- $302,249
- First ends
- Aug 2051
New loan
New conventional
$2,993/mo
+$1,310/mo- Down payment
- $43,344
- Funds due
- $52,806
- Interest + MI left
- $557,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,656 | $283,656 | $381,656 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,351.47 | $1,351.47 | $2,585.47 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $331.67 | $331.67 | $331.67 |
| Total housing payment | $1,683.14 | $2,471.67 | $2,993.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,344
Closing costs & prepaids$13,106
Usable credit−$0
Total buyer cash needed$56,450
Earnest money paid−$0
Remaining funds due$56,450
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%)$1,418.28
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)$35.01
Prepaid interest, first (9 days)$207.03
Prepaid interest, second (9 days)$217.48
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$47,950Through Dec 2026
Assumption only · ends Aug 2051$116,379
Assumption + second · ends Aug 2051, second Jan 2057$302,249
New conventional · ends Jan 2057$557,968