Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $81,098
- Funds due
- $92,546
- Interest + MI left
- $105,536
- First ends
- Mar 2051
Assumption
Assumption + second
$2,210/mo
+$354/mo- Down payment
- $37,098
- Funds due
- $49,807
- Interest + MI left
- $188,988
- First ends
- Mar 2051
New loan
New conventional
$2,876/mo
+$1,021/mo- Down payment
- $37,098
- Funds due
- $45,984
- Interest + MI left
- $504,868
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,902 | $288,902 | $332,902 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,350.81 | $1,350.81 | $2,304.95 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $66.58 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $1,855.48 | $2,209.52 | $2,876.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,098
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$49,807
Earnest money paid−$0
Remaining funds due$49,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,444.51
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)$764.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$21.37
Prepaid interest, second (1 days)$10.85
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 2.700%
Interest already paid$47,714Through Nov 2026
Assumption only · ends Mar 2051$105,536
Assumption + second · ends Mar 2051, second Dec 2056$188,988
New conventional · ends Dec 2056$504,868