Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $67,331
- Funds due
- $77,099
- Interest + MI left
- $79,812
- First ends
- Apr 2051
Assumption
Assumption + second
$1,664/mo
+$306/mo- Down payment
- $29,331
- Funds due
- $40,368
- Interest + MI left
- $151,884
- First ends
- Apr 2051
New loan
New conventional
$2,164/mo
+$806/mo- Down payment
- $29,331
- Funds due
- $36,995
- Interest + MI left
- $387,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,669 | $217,669 | $255,669 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,015.29 | $1,015.29 | $1,770.20 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $51.13 |
| Taxes, insurance & HOA | $343.00 | $343.00 | $343.00 |
| Total housing payment | $1,358.29 | $1,664.05 | $2,164.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,331
Closing costs & prepaids$11,036
Usable credit−$0
Total buyer cash needed$40,368
Earnest money paid−$0
Remaining funds due$40,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.34
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)$509.00
Initial HOA (3 months)$69.99
Prepaid interest, first (2 days)$32.20
Prepaid interest, second (2 days)$18.74
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 2.700%
Interest already paid$35,373Through Nov 2026
Assumption only · ends Apr 2051$79,812
Assumption + second · ends Apr 2051, second Dec 2056$151,884
New conventional · ends Dec 2056$387,637