Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $101,589
- Funds due
- $112,605
- Interest + MI left
- $88,484
- First ends
- Apr 2051
Assumption
Assumption + second
$2,195/mo
+$539/mo- Down payment
- $34,589
- Funds due
- $46,888
- Interest + MI left
- $215,559
- First ends
- Apr 2051
New loan
New conventional
$2,716/mo
+$1,060/mo- Down payment
- $34,589
- Funds due
- $43,362
- Interest + MI left
- $463,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,411 | $238,411 | $305,411 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,115.68 | $1,115.68 | $2,114.60 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $61.08 |
| Taxes, insurance & HOA | $540.00 | $540.00 | $540.00 |
| Total housing payment | $1,655.68 | $2,194.78 | $2,715.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,589
Closing costs & prepaids$12,299
Usable credit−$0
Total buyer cash needed$46,888
Earnest money paid−$0
Remaining funds due$46,888
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,192.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$1,170.00
Prepaid interest, first (2 days)$35.66
Prepaid interest, second (2 days)$33.04
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 5 moOf the original 30-year loan at 2.730%
Interest already paid$39,161Through Nov 2026
Assumption only · ends Apr 2051$88,484
Assumption + second · ends Apr 2051, second Dec 2056$215,559
New conventional · ends Dec 2056$463,115