Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $175,673
- Funds due
- $187,293
- Interest + MI left
- $83,609
- First ends
- Nov 2051
Assumption
Assumption + second
$2,604/mo
+$1,005/mo- Down payment
- $38,673
- Funds due
- $51,723
- Interest + MI left
- $308,501
- First ends
- Nov 2051
New loan
New conventional
$3,034/mo
+$1,436/mo- Down payment
- $38,673
- Funds due
- $48,377
- Interest + MI left
- $506,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,327 | $209,327 | $346,327 |
| Second mortgage | — | $137,000 | — |
| First P&I | $979.72 | $979.72 | $2,346.14 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $69.27 |
| Taxes, insurance & HOA | $619.00 | $619.00 | $619.00 |
| Total housing payment | $1,598.72 | $2,603.98 | $3,034.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,673
Closing costs & prepaids$13,050
Usable credit−$0
Total buyer cash needed$51,723
Earnest money paid−$0
Remaining funds due$51,723
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,046.64
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)$462.00
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$98.41
Prepaid interest, second (6 days)$180.16
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 2.86%
Interest already paid$32,495Through Dec 2026
Assumption only · ends Nov 2051$83,609
Assumption + second · ends Nov 2051, second Jan 2057$308,501
New conventional · ends Jan 2057$506,387