Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $186,724
- Funds due
- $199,364
- Interest + MI left
- $116,583
- First ends
- Jun 2051
Assumption
Assumption + second
$2,805/mo
+$1,005/mo- Down payment
- $49,724
- Funds due
- $63,794
- Interest + MI left
- $341,476
- First ends
- Jun 2051
New loan
New conventional
$3,442/mo
+$1,642/mo- Down payment
- $49,724
- Funds due
- $59,937
- Interest + MI left
- $643,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,176 | $303,176 | $440,176 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,427.75 | $1,427.75 | $2,981.91 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $88.04 |
| Taxes, insurance & HOA | $372.25 | $372.25 | $372.25 |
| Total housing payment | $1,800.00 | $2,805.26 | $3,442.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,724
Closing costs & prepaids$14,070
Usable credit−$0
Total buyer cash needed$63,794
Earnest money paid−$0
Remaining funds due$63,794
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,515.88
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)$28.74
Prepaid interest, first (6 days)$140.04
Prepaid interest, second (6 days)$180.16
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 6 moOf the original 30-year loan at 2.81%
Interest already paid$50,383Through Dec 2026
Assumption only · ends Jun 2051$116,583
Assumption + second · ends Jun 2051, second Jan 2057$341,476
New conventional · ends Jan 2057$643,522