Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,072/mo
Lowest payment- Down payment
- $136,141
- Funds due
- $149,147
- Interest + MI left
- $135,565
- First ends
- May 2051
Assumption
Assumption + second
$2,772/mo
+$700/mo- Down payment
- $49,141
- Funds due
- $63,526
- Interest + MI left
- $300,573
- First ends
- May 2051
New loan
New conventional
$3,477/mo
+$1,404/mo- Down payment
- $49,141
- Funds due
- $59,451
- Interest + MI left
- $644,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,859 | $353,859 | $440,859 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,670.39 | $1,670.39 | $2,986.53 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $88.17 |
| Taxes, insurance & HOA | $402.00 | $402.00 | $402.00 |
| Total housing payment | $2,072.39 | $2,772.41 | $3,476.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,141
Closing costs & prepaids$14,385
Usable credit−$0
Total buyer cash needed$63,526
Earnest money paid−$0
Remaining funds due$63,526
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,769.30
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)$588.00
Initial HOA (3 months)$117.99
Prepaid interest, first (6 days)$163.45
Prepaid interest, second (6 days)$128.71
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 2.81%
Interest already paid$59,776Through Dec 2026
Assumption only · ends May 2051$135,565
Assumption + second · ends May 2051, second Jan 2057$300,573
New conventional · ends Jan 2057$644,609