Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $52,701
- Funds due
- $65,253
- Interest + MI left
- $158,713
- First ends
- Oct 2051
Assumption
Assumption + second
$2,542/mo
+$306/mo- Down payment
- $22,701
- Funds due
- $36,561
- Interest + MI left
- $238,765
- First ends
- Oct 2051
New loan
New conventional
$3,350/mo
+$1,114/mo- Down payment
- $22,701
- Funds due
- $32,563
- Interest + MI left
- $627,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,299 | $397,299 | $427,299 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,865.81 | $1,865.81 | $2,894.67 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $85.46 |
| Taxes, insurance & HOA | $370.00 | $370.00 | $370.00 |
| Total housing payment | $2,235.81 | $2,541.51 | $3,350.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,701
Closing costs & prepaids$13,860
Usable credit−$0
Total buyer cash needed$36,561
Earnest money paid−$0
Remaining funds due$36,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,986.50
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$187.44
Prepaid interest, second (6 days)$58.56
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$62,980Through Dec 2026
Assumption only · ends Oct 2051$158,713
Assumption + second · ends Oct 2051, second Jan 2057$238,765
New conventional · ends Jan 2057$627,089