Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $130,888
- Funds due
- $141,337
- Interest + MI left
- $88,965
- First ends
- Jul 2051
Assumption
Assumption + second
$2,180/mo
+$772/mo- Down payment
- $34,888
- Funds due
- $46,634
- Interest + MI left
- $271,043
- First ends
- Jul 2051
New loan
New conventional
$2,573/mo
+$1,166/mo- Down payment
- $34,888
- Funds due
- $43,238
- Interest + MI left
- $462,449
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,012 | $209,012 | $305,012 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,006.68 | $1,006.68 | $2,111.84 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $61.00 |
| Taxes, insurance & HOA | $400.42 | $400.42 | $400.42 |
| Total housing payment | $1,407.10 | $2,179.53 | $2,573.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,888
Closing costs & prepaids$11,746
Usable credit−$0
Total buyer cash needed$46,634
Earnest money paid−$0
Remaining funds due$46,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,045.06
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)$361.25
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$35.05
Prepaid interest, second (2 days)$47.34
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$36,488Through Nov 2026
Assumption only · ends Jul 2051$88,965
Assumption + second · ends Jul 2051, second Dec 2056$271,043
New conventional · ends Dec 2056$462,449