Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $51,883
- Funds due
- $65,176
- Interest + MI left
- $165,523
- First ends
- Sep 2051
Assumption
Assumption + second
$2,814/mo
+$296/mo- Down payment
- $22,883
- Funds due
- $37,482
- Interest + MI left
- $242,907
- First ends
- Sep 2051
New loan
New conventional
$3,582/mo
+$1,063/mo- Down payment
- $22,883
- Funds due
- $33,491
- Interest + MI left
- $619,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,116 | $393,116 | $422,116 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,880.94 | $1,880.94 | $2,859.56 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $84.42 |
| Taxes, insurance & HOA | $638.00 | $638.00 | $638.00 |
| Total housing payment | $2,518.94 | $2,814.45 | $3,581.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,883
Closing costs & prepaids$14,599
Usable credit−$0
Total buyer cash needed$37,482
Earnest money paid−$0
Remaining funds due$37,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,449.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.58
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)$534.00
Initial HOA (3 months)$930.00
Prepaid interest, first (6 days)$195.16
Prepaid interest, second (6 days)$56.61
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$66,615Through Dec 2026
Assumption only · ends Sep 2051$165,523
Assumption + second · ends Sep 2051, second Jan 2057$242,907
New conventional · ends Jan 2057$619,398