Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,908/mo
Lowest payment- Down payment
- $55,074
- Funds due
- $66,477
- Interest + MI left
- $96,961
- First ends
- Apr 2051
Assumption
Assumption + second
$2,305/mo
+$397/mo- Down payment
- $16,074
- Funds due
- $28,803
- Interest + MI left
- $201,029
- First ends
- Apr 2051
New loan
New conventional
$2,779/mo
+$871/mo- Down payment
- $16,074
- Funds due
- $25,451
- Interest + MI left
- $442,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,231 | $262,231 | $301,231 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,230.11 | $1,230.11 | $2,040.64 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $60.25 |
| Taxes, insurance & HOA | $677.92 | $677.92 | $677.92 |
| Total housing payment | $1,908.03 | $2,305.44 | $2,778.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,074
Closing costs & prepaids$12,730
Usable credit−$0
Total buyer cash needed$28,803
Earnest money paid−$0
Remaining funds due$28,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,173.05
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,311.16
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)$380.75
Initial HOA (3 months)$1,203.00
Prepaid interest, first (6 days)$117.68
Prepaid interest, second (6 days)$76.13
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 4 moOf the original 30-year loan at 2.73%
Interest already paid$43,776Through Dec 2026
Assumption only · ends Apr 2051$96,961
Assumption + second · ends Apr 2051, second Jan 2057$201,029
New conventional · ends Jan 2057$442,076