Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $62,206
- Funds due
- $72,751
- Interest + MI left
- $96,991
- First ends
- Oct 2051
Assumption
Assumption + second
$1,837/mo
+$249/mo- Down payment
- $31,206
- Funds due
- $43,070
- Interest + MI left
- $155,787
- First ends
- Oct 2051
New loan
New conventional
$2,357/mo
+$769/mo- Down payment
- $31,206
- Funds due
- $39,745
- Interest + MI left
- $400,277
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,794 | $242,794 | $273,794 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,140.22 | $1,140.22 | $1,854.78 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $54.76 |
| Taxes, insurance & HOA | $447.00 | $447.00 | $447.00 |
| Total housing payment | $1,587.22 | $1,836.65 | $2,356.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,206
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$43,070
Earnest money paid−$0
Remaining funds due$43,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,213.97
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)$366.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$171.82
Prepaid interest, second (9 days)$68.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 2.87%
Interest already paid$38,488Through Dec 2026
Assumption only · ends Oct 2051$96,991
Assumption + second · ends Oct 2051, second Jan 2057$155,787
New conventional · ends Jan 2057$400,277