Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
Lowest payment- Down payment
- $248,469
- Funds due
- $265,483
- Interest + MI left
- $182,178
- First ends
- May 2051
Assumption
Assumption + second
$4,072/mo
+$1,291/mo- Down payment
- $72,469
- Funds due
- $90,964
- Interest + MI left
- $471,091
- First ends
- May 2051
New loan
New conventional
$5,080/mo
+$2,299/mo- Down payment
- $72,469
- Funds due
- $86,137
- Interest + MI left
- $952,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,531 | $475,531 | $651,531 |
| Second mortgage | — | $176,000 | — |
| First P&I | $2,244.74 | $2,244.74 | $4,413.70 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $130.31 |
| Taxes, insurance & HOA | $536.25 | $536.25 | $536.25 |
| Total housing payment | $2,780.99 | $4,072.42 | $5,080.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,469
Closing costs & prepaids$18,496
Usable credit−$0
Total buyer cash needed$90,964
Earnest money paid−$0
Remaining funds due$90,964
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,377.66
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$868.75
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$219.66
Prepaid interest, second (6 days)$231.45
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$80,329Through Dec 2026
Assumption only · ends May 2051$182,178
Assumption + second · ends May 2051, second Jan 2057$471,091
New conventional · ends Jan 2057$952,646