Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $54,818
- Funds due
- $68,414
- Interest + MI left
- $128,364
- First ends
- Jan 2051
Assumption
Assumption + second
$2,968/mo
+$346/mo- Down payment
- $20,818
- Funds due
- $35,730
- Interest + MI left
- $219,089
- First ends
- Jan 2051
New loan
New conventional
$3,624/mo
+$1,002/mo- Down payment
- $20,818
- Funds due
- $31,981
- Interest + MI left
- $554,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,182 | $344,182 | $378,182 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,635.11 | $1,635.11 | $2,561.94 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $75.64 |
| Taxes, insurance & HOA | $986.58 | $986.58 | $986.58 |
| Total housing payment | $2,621.69 | $2,968.15 | $3,624.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,818
Closing costs & prepaids$14,912
Usable credit−$0
Total buyer cash needed$35,730
Earnest money paid−$0
Remaining funds due$35,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,720.91
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)$478.75
Initial HOA (3 months)$2,031.00
Prepaid interest, first (6 days)$157.29
Prepaid interest, second (6 days)$66.37
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 1 moOf the original 30-year loan at 2.78%
Interest already paid$61,305Through Dec 2026
Assumption only · ends Jan 2051$128,364
Assumption + second · ends Jan 2051, second Jan 2057$219,089
New conventional · ends Jan 2057$554,931