Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,465/mo
Lowest payment- Down payment
- $190,816
- Funds due
- $205,479
- Interest + MI left
- $120,411
- First ends
- Sep 2051
Assumption
Assumption + second
$3,500/mo
+$1,035/mo- Down payment
- $49,816
- Funds due
- $65,915
- Interest + MI left
- $351,870
- First ends
- Sep 2051
New loan
New conventional
$4,122/mo
+$1,657/mo- Down payment
- $49,816
- Funds due
- $62,069
- Interest + MI left
- $643,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,084 | $299,084 | $440,084 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,412.44 | $1,412.44 | $2,981.28 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $88.02 |
| Taxes, insurance & HOA | $1,052.67 | $1,052.67 | $1,052.67 |
| Total housing payment | $2,465.11 | $3,499.71 | $4,121.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,816
Closing costs & prepaids$16,098
Usable credit−$0
Total buyer cash needed$65,915
Earnest money paid−$0
Remaining funds due$65,915
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,495.42
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)$588.00
Initial HOA (3 months)$2,070.00
Prepaid interest, first (6 days)$142.58
Prepaid interest, second (6 days)$185.42
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$48,726Through Dec 2026
Assumption only · ends Sep 2051$120,411
Assumption + second · ends Sep 2051, second Jan 2057$351,870
New conventional · ends Jan 2057$643,388