Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $126,672
- Funds due
- $139,558
- Interest + MI left
- $123,385
- First ends
- Mar 2051
Assumption
Assumption + second
$2,666/mo
+$628/mo- Down payment
- $48,672
- Funds due
- $62,924
- Interest + MI left
- $271,323
- First ends
- Mar 2051
New loan
New conventional
$3,409/mo
+$1,370/mo- Down payment
- $48,672
- Funds due
- $58,870
- Interest + MI left
- $630,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,328 | $353,328 | $431,328 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,638.19 | $1,638.19 | $2,921.97 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $86.27 |
| Taxes, insurance & HOA | $400.34 | $400.34 | $400.34 |
| Total housing payment | $2,038.53 | $2,666.13 | $3,408.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,672
Closing costs & prepaids$14,252
Usable credit−$0
Total buyer cash needed$62,924
Earnest money paid−$0
Remaining funds due$62,924
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,766.64
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)$576.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$151.01
Prepaid interest, second (6 days)$115.40
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 2.6%
Interest already paid$57,163Through Dec 2026
Assumption only · ends Mar 2051$123,385
Assumption + second · ends Mar 2051, second Jan 2057$271,323
New conventional · ends Jan 2057$630,673