Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,157/mo
Lowest payment- Down payment
- $104,060
- Funds due
- $117,052
- Interest + MI left
- $136,276
- First ends
- Mar 2051
Assumption
Assumption + second
$2,608/mo
+$451/mo- Down payment
- $48,060
- Funds due
- $62,385
- Interest + MI left
- $242,488
- First ends
- Mar 2051
New loan
New conventional
$3,399/mo
+$1,242/mo- Down payment
- $48,060
- Funds due
- $58,253
- Interest + MI left
- $627,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,940 | $372,940 | $428,940 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,749.88 | $1,749.88 | $2,905.79 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $85.79 |
| Taxes, insurance & HOA | $407.50 | $407.50 | $407.50 |
| Total housing payment | $2,157.38 | $2,607.97 | $3,399.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,060
Closing costs & prepaids$14,324
Usable credit−$0
Total buyer cash needed$62,385
Earnest money paid−$0
Remaining funds due$62,385
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%)$1,864.70
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)$150.00
Prepaid interest, first (6 days)$166.14
Prepaid interest, second (6 days)$82.85
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$62,809Through Dec 2026
Assumption only · ends Mar 2051$136,276
Assumption + second · ends Mar 2051, second Jan 2057$242,488
New conventional · ends Jan 2057$627,181