Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,025/mo
Lowest payment- Down payment
- $119,624
- Funds due
- $132,040
- Interest + MI left
- $100,625
- First ends
- Mar 2051
Assumption
Assumption + second
$2,669/mo
+$644/mo- Down payment
- $39,624
- Funds due
- $53,409
- Interest + MI left
- $252,357
- First ends
- Mar 2051
New loan
New conventional
$3,212/mo
+$1,186/mo- Down payment
- $39,624
- Funds due
- $49,771
- Interest + MI left
- $519,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,376 | $275,376 | $355,376 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,292.10 | $1,292.10 | $2,407.44 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $71.08 |
| Taxes, insurance & HOA | $733.00 | $733.00 | $733.00 |
| Total housing payment | $2,025.10 | $2,668.80 | $3,211.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,624
Closing costs & prepaids$13,785
Usable credit−$0
Total buyer cash needed$53,409
Earnest money paid−$0
Remaining funds due$53,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,376.88
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)$474.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$122.67
Prepaid interest, second (6 days)$118.36
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$46,378Through Dec 2026
Assumption only · ends Mar 2051$100,625
Assumption + second · ends Mar 2051, second Jan 2057$252,357
New conventional · ends Jan 2057$519,618