Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,075/mo
Lowest payment- Down payment
- $202,851
- Funds due
- $216,745
- Interest + MI left
- $127,524
- First ends
- Nov 2051
Assumption
Assumption + second
$3,147/mo
+$1,071/mo- Down payment
- $56,851
- Funds due
- $72,187
- Interest + MI left
- $367,191
- First ends
- Nov 2051
New loan
New conventional
$3,982/mo
+$1,906/mo- Down payment
- $56,851
- Funds due
- $68,020
- Interest + MI left
- $742,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,149 | $362,149 | $508,149 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,637.70 | $1,637.70 | $3,442.38 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $101.63 |
| Taxes, insurance & HOA | $437.67 | $437.67 | $437.67 |
| Total housing payment | $2,075.37 | $3,146.66 | $3,981.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,851
Closing costs & prepaids$15,336
Usable credit−$0
Total buyer cash needed$72,187
Earnest money paid−$0
Remaining funds due$72,187
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.74
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)$678.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$151.80
Prepaid interest, second (6 days)$192.00
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 11 moOf the original 30-year loan at 2.55%
Interest already paid$50,281Through Dec 2026
Assumption only · ends Nov 2051$127,524
Assumption + second · ends Nov 2051, second Jan 2057$367,191
New conventional · ends Jan 2057$742,998