Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $101,029
- Funds due
- $115,092
- Interest + MI left
- $169,263
- First ends
- Oct 2051
Assumption
Assumption + second
$2,890/mo
+$378/mo- Down payment
- $54,029
- Funds due
- $69,365
- Interest + MI left
- $258,405
- First ends
- Oct 2051
New loan
New conventional
$3,940/mo
+$1,428/mo- Down payment
- $54,029
- Funds due
- $64,694
- Interest + MI left
- $737,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,971 | $438,971 | $485,971 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,034.23 | $2,034.23 | $3,364.77 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $97.19 |
| Taxes, insurance & HOA | $477.83 | $477.83 | $477.83 |
| Total housing payment | $2,512.06 | $2,890.23 | $3,939.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,029
Closing costs & prepaids$15,336
Usable credit−$0
Total buyer cash needed$69,365
Earnest money paid−$0
Remaining funds due$69,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,194.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$892.00
Initial HOA (3 months)$41.49
Prepaid interest, first (2 days)$66.63
Prepaid interest, second (2 days)$23.18
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 2.770%
Interest already paid$66,059Through Nov 2026
Assumption only · ends Oct 2051$169,263
Assumption + second · ends Oct 2051, second Dec 2056$258,405
New conventional · ends Dec 2056$737,008