Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $124,983
- Funds due
- $138,051
- Interest + MI left
- $154,435
- First ends
- Aug 2051
Assumption
Assumption + second
$2,766/mo
+$595/mo- Down payment
- $50,983
- Funds due
- $65,338
- Interest + MI left
- $294,786
- First ends
- Aug 2051
New loan
New conventional
$3,587/mo
+$1,416/mo- Down payment
- $50,983
- Funds due
- $60,994
- Interest + MI left
- $680,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,016 | $375,016 | $449,016 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,782.66 | $1,782.66 | $3,108.90 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $89.80 |
| Taxes, insurance & HOA | $387.92 | $387.92 | $387.92 |
| Total housing payment | $2,170.58 | $2,766.00 | $3,586.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,983
Closing costs & prepaids$14,354
Usable credit−$0
Total buyer cash needed$65,338
Earnest money paid−$0
Remaining funds due$65,338
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,875.08
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)$459.75
Initial HOA (3 months)$204.00
Prepaid interest, first (2 days)$60.82
Prepaid interest, second (2 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.960%
Interest already paid$62,323Through Nov 2026
Assumption only · ends Aug 2051$154,435
Assumption + second · ends Aug 2051, second Dec 2056$294,786
New conventional · ends Dec 2056$680,873