Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,532/mo
Lowest payment- Down payment
- $214,213
- Funds due
- $229,485
- Interest + MI left
- $166,952
- First ends
- May 2051
Assumption
Assumption + second
$3,625/mo
+$1,093/mo- Down payment
- $65,213
- Funds due
- $81,931
- Interest + MI left
- $411,543
- First ends
- May 2051
New loan
New conventional
$4,553/mo
+$2,021/mo- Down payment
- $65,213
- Funds due
- $77,350
- Interest + MI left
- $855,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,787 | $435,787 | $584,787 |
| Second mortgage | — | $149,000 | — |
| First P&I | $2,057.13 | $2,057.13 | $3,961.55 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $116.96 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $2,531.80 | $3,625.11 | $4,553.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,213
Closing costs & prepaids$16,718
Usable credit−$0
Total buyer cash needed$81,931
Earnest money paid−$0
Remaining funds due$81,931
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,178.94
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)$780.00
Initial HOA (3 months)$144.00
Prepaid interest, first (6 days)$201.30
Prepaid interest, second (6 days)$195.95
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$73,615Through Dec 2026
Assumption only · ends May 2051$166,952
Assumption + second · ends May 2051, second Jan 2057$411,543
New conventional · ends Jan 2057$855,055