Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $147,905
- Funds due
- $160,873
- Interest + MI left
- $136,016
- First ends
- Sep 2051
Assumption
Assumption + second
$2,823/mo
+$797/mo- Down payment
- $48,905
- Funds due
- $63,270
- Interest + MI left
- $323,784
- First ends
- Sep 2051
New loan
New conventional
$3,478/mo
+$1,451/mo- Down payment
- $48,905
- Funds due
- $59,257
- Interest + MI left
- $638,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,845 | $337,845 | $436,845 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,595.49 | $1,595.49 | $2,959.34 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $87.37 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $2,026.49 | $2,823.07 | $3,477.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,905
Closing costs & prepaids$14,365
Usable credit−$0
Total buyer cash needed$63,270
Earnest money paid−$0
Remaining funds due$63,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,857.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,689.23
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$583.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$161.06
Prepaid interest, second (6 days)$146.47
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$55,041Through Dec 2026
Assumption only · ends Sep 2051$136,016
Assumption + second · ends Sep 2051, second Jan 2057$323,784
New conventional · ends Jan 2057$638,740