Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
Lowest payment- Down payment
- $145,943
- Funds due
- $159,720
- Interest + MI left
- $144,367
- First ends
- Jan 2051
Assumption
Assumption + second
$3,029/mo
+$740/mo- Down payment
- $53,943
- Funds due
- $69,128
- Interest + MI left
- $318,858
- First ends
- Jan 2051
New loan
New conventional
$3,781/mo
+$1,492/mo- Down payment
- $53,943
- Funds due
- $64,916
- Interest + MI left
- $695,979
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,057 | $384,057 | $476,057 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,828.46 | $1,828.46 | $3,224.98 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $95.21 |
| Taxes, insurance & HOA | $460.67 | $460.67 | $460.67 |
| Total housing payment | $2,289.12 | $3,029.38 | $3,780.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,943
Closing costs & prepaids$15,185
Usable credit−$0
Total buyer cash needed$69,128
Earnest money paid−$0
Remaining funds due$69,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,920.28
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)$636.00
Initial HOA (3 months)$246.00
Prepaid interest, first (7 days)$206.23
Prepaid interest, second (7 days)$158.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 2.8%
Interest already paid$68,883Through Dec 2026
Assumption only · ends Jan 2051$144,367
Assumption + second · ends Jan 2051, second Jan 2057$318,858
New conventional · ends Jan 2057$695,979