Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
Lowest payment- Down payment
- $140,042
- Funds due
- $154,084
- Interest + MI left
- $152,193
- First ends
- Apr 2051
Assumption
Assumption + second
$3,056/mo
+$684/mo- Down payment
- $55,042
- Funds due
- $70,460
- Interest + MI left
- $313,407
- First ends
- Apr 2051
New loan
New conventional
$3,899/mo
+$1,527/mo- Down payment
- $55,042
- Funds due
- $66,091
- Interest + MI left
- $723,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,958 | $409,958 | $494,958 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,925.17 | $1,925.17 | $3,353.02 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $98.99 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $2,371.84 | $3,055.77 | $3,898.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,042
Closing costs & prepaids$15,418
Usable credit−$0
Total buyer cash needed$70,460
Earnest money paid−$0
Remaining funds due$70,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,049.79
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)$660.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$184.65
Prepaid interest, second (6 days)$125.75
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 2.74%
Interest already paid$68,680Through Dec 2026
Assumption only · ends Apr 2051$152,193
Assumption + second · ends Apr 2051, second Jan 2057$313,407
New conventional · ends Jan 2057$723,710