Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $111,335
- Funds due
- $123,038
- Interest + MI left
- $105,337
- First ends
- Mar 2051
Assumption
Assumption + second
$2,347/mo
+$547/mo- Down payment
- $43,335
- Funds due
- $56,304
- Interest + MI left
- $234,309
- First ends
- Mar 2051
New loan
New conventional
$3,084/mo
+$1,284/mo- Down payment
- $43,335
- Funds due
- $52,299
- Interest + MI left
- $578,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,665 | $313,665 | $381,665 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,434.94 | $1,434.94 | $2,642.57 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $365.08 | $365.08 | $365.08 |
| Total housing payment | $1,800.02 | $2,347.17 | $3,083.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,335
Closing costs & prepaids$12,970
Usable credit−$0
Total buyer cash needed$56,304
Earnest money paid−$0
Remaining funds due$56,304
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,568.33
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)$330.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$21.48
Prepaid interest, second (1 days)$16.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 2.500%
Interest already paid$48,076Through Nov 2026
Assumption only · ends Mar 2051$105,337
Assumption + second · ends Mar 2051, second Dec 2056$234,309
New conventional · ends Dec 2056$578,744