Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $72,335
- Funds due
- $85,388
- Interest + MI left
- $147,349
- First ends
- Apr 2051
Assumption
Assumption + second
$2,747/mo
+$489/mo- Down payment
- $24,335
- Funds due
- $38,732
- Interest + MI left
- $275,432
- First ends
- Apr 2051
New loan
New conventional
$3,532/mo
+$1,274/mo- Down payment
- $24,335
- Funds due
- $34,676
- Interest + MI left
- $667,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,665 | $406,665 | $454,665 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,897.31 | $1,897.31 | $3,080.06 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $90.93 |
| Taxes, insurance & HOA | $360.75 | $360.75 | $360.75 |
| Total housing payment | $2,258.06 | $2,747.18 | $3,531.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,335
Closing costs & prepaids$14,396
Usable credit−$0
Total buyer cash needed$38,732
Earnest money paid−$0
Remaining funds due$38,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,033.32
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)$574.75
Initial HOA (3 months)$7.50
Prepaid interest, first (6 days)$179.16
Prepaid interest, second (6 days)$93.70
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 4 moOf the original 30-year loan at 2.68%
Interest already paid$66,681Through Dec 2026
Assumption only · ends Apr 2051$147,349
Assumption + second · ends Apr 2051, second Jan 2057$275,432
New conventional · ends Jan 2057$667,251