Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,008/mo
Lowest payment- Down payment
- $118,919
- Funds due
- $131,194
- Interest + MI left
- $125,415
- First ends
- Jan 2051
Assumption
Assumption + second
$2,595/mo
+$587/mo- Down payment
- $45,919
- Funds due
- $59,480
- Interest + MI left
- $263,870
- First ends
- Jan 2051
New loan
New conventional
$3,312/mo
+$1,304/mo- Down payment
- $45,919
- Funds due
- $55,399
- Interest + MI left
- $612,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,081 | $331,081 | $404,081 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,574.13 | $1,574.13 | $2,797.78 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $80.82 |
| Taxes, insurance & HOA | $433.41 | $433.41 | $433.41 |
| Total housing payment | $2,007.54 | $2,594.91 | $3,312.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,919
Closing costs & prepaids$13,561
Usable credit−$0
Total buyer cash needed$59,480
Earnest money paid−$0
Remaining funds due$59,480
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,655.40
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)$732.25
Initial HOA (3 months)$117.99
Prepaid interest, first (2 days)$50.98
Prepaid interest, second (2 days)$36.00
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$58,668Through Nov 2026
Assumption only · ends Jan 2051$125,415
Assumption + second · ends Jan 2051, second Dec 2056$263,870
New conventional · ends Dec 2056$612,735