Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,935/mo
Lowest payment- Down payment
- $111,571
- Funds due
- $123,906
- Interest + MI left
- $99,947
- First ends
- Jan 2051
Assumption
Assumption + second
$2,466/mo
+$531/mo- Down payment
- $45,571
- Funds due
- $59,254
- Interest + MI left
- $225,126
- First ends
- Jan 2051
New loan
New conventional
$3,235/mo
+$1,300/mo- Down payment
- $45,571
- Funds due
- $55,321
- Interest + MI left
- $589,799
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,429 | $337,429 | $403,429 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,513.41 | $1,513.41 | $2,732.97 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $80.69 |
| Taxes, insurance & HOA | $421.58 | $421.58 | $421.58 |
| Total housing payment | $1,935.00 | $2,466.05 | $3,235.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,571
Closing costs & prepaids$13,682
Usable credit−$0
Total buyer cash needed$59,254
Earnest money paid−$0
Remaining funds due$59,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,687.14
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)$538.75
Initial HOA (3 months)$276.00
Prepaid interest, first (6 days)$124.80
Prepaid interest, second (6 days)$97.64
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 1 moOf the original 30-year loan at 2.25%
Interest already paid$48,955Through Dec 2026
Assumption only · ends Jan 2051$99,947
Assumption + second · ends Jan 2051, second Jan 2057$225,126
New conventional · ends Jan 2057$589,799