Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $255,844
- Funds due
- $266,595
- Interest + MI left
- $60,934
- First ends
- Aug 2051
Assumption
Assumption + second
$2,619/mo
+$1,540/mo- Down payment
- $40,844
- Funds due
- $53,256
- Interest + MI left
- $400,437
- First ends
- Aug 2051
New loan
New conventional
$2,887/mo
+$1,808/mo- Down payment
- $40,844
- Funds due
- $50,203
- Interest + MI left
- $523,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,156 | $143,156 | $358,156 |
| Second mortgage | — | $215,000 | — |
| First P&I | $689.49 | $689.49 | $2,426.27 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $71.63 |
| Taxes, insurance & HOA | $389.58 | $389.58 | $389.58 |
| Total housing payment | $1,079.08 | $2,619.36 | $2,887.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,844
Closing costs & prepaids$12,411
Usable credit−$0
Total buyer cash needed$53,256
Earnest money paid−$0
Remaining funds due$53,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$715.78
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)$478.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$108.01
Prepaid interest, second (9 days)$410.86
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 3.06%
Interest already paid$24,991Through Dec 2026
Assumption only · ends Aug 2051$60,934
Assumption + second · ends Aug 2051, second Jan 2057$400,437
New conventional · ends Jan 2057$523,612