Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,290/mo
Lowest payment- Down payment
- $63,849
- Funds due
- $76,495
- Interest + MI left
- $125,139
- First ends
- Aug 2051
Assumption
Assumption + second
$2,499/mo
+$209/mo- Down payment
- $37,849
- Funds due
- $51,784
- Interest + MI left
- $174,452
- First ends
- Aug 2051
New loan
New conventional
$3,150/mo
+$859/mo- Down payment
- $37,849
- Funds due
- $48,037
- Interest + MI left
- $485,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,151 | $306,151 | $332,151 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,457.06 | $1,457.06 | $2,250.11 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $833.00 | $833.00 | $833.00 |
| Total housing payment | $2,290.06 | $2,499.26 | $3,149.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,849
Closing costs & prepaids$13,935
Usable credit−$0
Total buyer cash needed$51,784
Earnest money paid−$0
Remaining funds due$51,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,530.75
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)$444.00
Initial HOA (3 months)$1,605.00
Prepaid interest, first (6 days)$148.46
Prepaid interest, second (6 days)$38.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.95%
Interest already paid$51,583Through Dec 2026
Assumption only · ends Aug 2051$125,139
Assumption + second · ends Aug 2051, second Jan 2057$174,452
New conventional · ends Jan 2057$485,593