Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $151,606
- Funds due
- $162,843
- Interest + MI left
- $107,614
- First ends
- Oct 2051
Assumption
Assumption + second
$2,352/mo
+$800/mo- Down payment
- $42,606
- Funds due
- $55,141
- Interest + MI left
- $286,544
- First ends
- Oct 2051
New loan
New conventional
$2,984/mo
+$1,431/mo- Down payment
- $42,606
- Funds due
- $51,393
- Interest + MI left
- $572,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,394 | $268,394 | $377,394 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,257.55 | $1,257.55 | $2,613.00 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $75.48 |
| Taxes, insurance & HOA | $295.09 | $295.09 | $295.09 |
| Total housing payment | $1,552.64 | $2,352.44 | $2,983.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,606
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$55,141
Earnest money paid−$0
Remaining funds due$55,141
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.97
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)$295.25
Initial HOA (3 months)$140.01
Prepaid interest, first (2 days)$42.21
Prepaid interest, second (2 days)$47.78
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$41,806Through Nov 2026
Assumption only · ends Oct 2051$107,614
Assumption + second · ends Oct 2051, second Dec 2056$286,544
New conventional · ends Dec 2056$572,268