Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $167,513
- Funds due
- $179,273
- Interest + MI left
- $111,281
- First ends
- Jan 2051
Assumption
Assumption + second
$2,518/mo
+$888/mo- Down payment
- $46,513
- Funds due
- $59,550
- Interest + MI left
- $309,909
- First ends
- Jan 2051
New loan
New conventional
$3,179/mo
+$1,550/mo- Down payment
- $46,513
- Funds due
- $55,619
- Interest + MI left
- $625,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,487 | $291,487 | $412,487 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,388.86 | $1,388.86 | $2,855.98 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $82.50 |
| Taxes, insurance & HOA | $240.92 | $240.92 | $240.92 |
| Total housing payment | $1,629.78 | $2,517.63 | $3,179.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,513
Closing costs & prepaids$13,037
Usable credit−$0
Total buyer cash needed$59,550
Earnest money paid−$0
Remaining funds due$59,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.44
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)$172.75
Initial HOA (3 months)$50.01
Prepaid interest, first (1 days)$22.60
Prepaid interest, second (1 days)$26.52
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$52,007Through Nov 2026
Assumption only · ends Jan 2051$111,281
Assumption + second · ends Jan 2051, second Dec 2056$309,909
New conventional · ends Dec 2056$625,482