Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,438/mo
Lowest payment- Down payment
- $94,559
- Funds due
- $108,240
- Interest + MI left
- $162,241
- First ends
- Jul 2051
Assumption
Assumption + second
$2,800/mo
+$362/mo- Down payment
- $49,559
- Funds due
- $64,557
- Interest + MI left
- $247,590
- First ends
- Jul 2051
New loan
New conventional
$3,619/mo
+$1,181/mo- Down payment
- $49,559
- Funds due
- $60,301
- Interest + MI left
- $643,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,441 | $395,441 | $440,441 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,890.45 | $1,890.45 | $2,983.70 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $88.09 |
| Taxes, insurance & HOA | $547.67 | $547.67 | $547.67 |
| Total housing payment | $2,438.12 | $2,800.20 | $3,619.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,559
Closing costs & prepaids$14,998
Usable credit−$0
Total buyer cash needed$64,557
Earnest money paid−$0
Remaining funds due$64,557
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,977.20
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)$588.00
Initial HOA (3 months)$555.00
Prepaid interest, first (6 days)$193.06
Prepaid interest, second (6 days)$66.58
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 7 moOf the original 30-year loan at 2.97%
Interest already paid$68,200Through Dec 2026
Assumption only · ends Jul 2051$162,241
Assumption + second · ends Jul 2051, second Jan 2057$247,590
New conventional · ends Jan 2057$643,998