Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,963/mo
Lowest payment- Down payment
- $145,798
- Funds due
- $158,580
- Interest + MI left
- $124,534
- First ends
- May 2051
Assumption
Assumption + second
$2,744/mo
+$780/mo- Down payment
- $48,798
- Funds due
- $62,974
- Interest + MI left
- $308,508
- First ends
- May 2051
New loan
New conventional
$3,405/mo
+$1,442/mo- Down payment
- $48,798
- Funds due
- $58,987
- Interest + MI left
- $630,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,202 | $334,202 | $431,202 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,565.65 | $1,565.65 | $2,921.11 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $86.24 |
| Taxes, insurance & HOA | $397.67 | $397.67 | $397.67 |
| Total housing payment | $1,963.32 | $2,743.80 | $3,405.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,798
Closing costs & prepaids$14,176
Usable credit−$0
Total buyer cash needed$62,974
Earnest money paid−$0
Remaining funds due$62,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,671.01
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)$576.00
Initial HOA (3 months)$117.00
Prepaid interest, first (6 days)$150.53
Prepaid interest, second (6 days)$143.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.74%
Interest already paid$55,091Through Dec 2026
Assumption only · ends May 2051$124,534
Assumption + second · ends May 2051, second Jan 2057$308,508
New conventional · ends Jan 2057$630,402