Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$913/mo
Lowest payment- Down payment
- $271,100
- Funds due
- $281,473
- Interest + MI left
- $45,862
- First ends
- Sep 2051
Assumption
Assumption + second
$2,568/mo
+$1,655/mo- Down payment
- $40,100
- Funds due
- $51,772
- Interest + MI left
- $410,630
- First ends
- Sep 2051
New loan
New conventional
$2,881/mo
+$1,968/mo- Down payment
- $40,100
- Funds due
- $48,698
- Interest + MI left
- $545,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,900 | $128,900 | $359,900 |
| Second mortgage | — | $231,000 | — |
| First P&I | $596.05 | $596.05 | $2,491.87 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $71.98 |
| Taxes, insurance & HOA | $317.17 | $317.17 | $317.17 |
| Total housing payment | $913.22 | $2,568.13 | $2,881.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,100
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$51,772
Earnest money paid−$0
Remaining funds due$51,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$644.50
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)$276.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$9.27
Prepaid interest, second (1 days)$49.05
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 10 moOf the original 30-year loan at 2.625%
Interest already paid$18,953Through Nov 2026
Assumption only · ends Sep 2051$45,862
Assumption + second · ends Sep 2051, second Dec 2056$410,630
New conventional · ends Dec 2056$545,813