Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $69,974
- Funds due
- $83,320
- Interest + MI left
- $155,933
- First ends
- May 2051
Assumption
Assumption + second
$2,852/mo
+$469/mo- Down payment
- $23,974
- Funds due
- $38,660
- Interest + MI left
- $278,680
- First ends
- May 2051
New loan
New conventional
$3,621/mo
+$1,238/mo- Down payment
- $23,974
- Funds due
- $34,598
- Interest + MI left
- $664,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,026 | $407,026 | $453,026 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,921.36 | $1,921.36 | $3,068.96 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $90.61 |
| Taxes, insurance & HOA | $461.50 | $461.50 | $461.50 |
| Total housing payment | $2,382.86 | $2,851.60 | $3,621.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,974
Closing costs & prepaids$14,685
Usable credit−$0
Total buyer cash needed$38,660
Earnest money paid−$0
Remaining funds due$38,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,035.13
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)$572.50
Initial HOA (3 months)$312.00
Prepaid interest, first (6 days)$188.01
Prepaid interest, second (6 days)$89.79
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$68,757Through Dec 2026
Assumption only · ends May 2051$155,933
Assumption + second · ends May 2051, second Jan 2057$278,680
New conventional · ends Jan 2057$664,845