Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,972/mo
Lowest payment- Down payment
- $66,058
- Funds due
- $77,834
- Interest + MI left
- $126,459
- First ends
- Apr 2051
Assumption
Assumption + second
$2,181/mo
+$209/mo- Down payment
- $40,058
- Funds due
- $53,122
- Interest + MI left
- $175,772
- First ends
- Apr 2051
New loan
New conventional
$2,905/mo
+$934/mo- Down payment
- $40,058
- Funds due
- $49,242
- Interest + MI left
- $526,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,942 | $333,942 | $359,942 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,576.72 | $1,576.72 | $2,438.37 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $71.99 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,971.72 | $2,180.92 | $2,905.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,058
Closing costs & prepaids$13,064
Usable credit−$0
Total buyer cash needed$53,122
Earnest money paid−$0
Remaining funds due$53,122
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,669.71
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)$480.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$153.16
Prepaid interest, second (6 days)$38.47
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$56,934Through Dec 2026
Assumption only · ends Apr 2051$126,459
Assumption + second · ends Apr 2051, second Jan 2057$175,772
New conventional · ends Jan 2057$526,295