Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,260/mo
Lowest payment- Down payment
- $138,141
- Funds due
- $148,245
- Interest + MI left
- $86,461
- First ends
- Aug 2051
Assumption
Assumption + second
$2,016/mo
+$756/mo- Down payment
- $35,141
- Funds due
- $46,541
- Interest + MI left
- $255,541
- First ends
- Aug 2051
New loan
New conventional
$2,480/mo
+$1,220/mo- Down payment
- $35,141
- Funds due
- $43,158
- Interest + MI left
- $469,860
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,859 | $206,859 | $309,859 |
| Second mortgage | — | $103,000 | — |
| First P&I | $987.61 | $987.61 | $2,145.40 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $61.97 |
| Taxes, insurance & HOA | $272.67 | $272.67 | $272.67 |
| Total housing payment | $1,260.27 | $2,016.05 | $2,480.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,141
Closing costs & prepaids$11,399
Usable credit−$0
Total buyer cash needed$46,541
Earnest money paid−$0
Remaining funds due$46,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,034.29
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)$206.00
Initial HOA (3 months)$162.00
Prepaid interest, first (2 days)$34.00
Prepaid interest, second (2 days)$45.15
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 3.000%
Interest already paid$34,828Through Nov 2026
Assumption only · ends Aug 2051$86,461
Assumption + second · ends Aug 2051, second Dec 2056$255,541
New conventional · ends Dec 2056$469,860