Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $184,433
- Funds due
- $195,509
- Interest + MI left
- $82,509
- First ends
- Jun 2051
Assumption
Assumption + second
$2,433/mo
+$1,057/mo- Down payment
- $40,433
- Funds due
- $53,043
- Interest + MI left
- $318,893
- First ends
- Jun 2051
New loan
New conventional
$2,866/mo
+$1,490/mo- Down payment
- $40,433
- Funds due
- $49,725
- Interest + MI left
- $524,284
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,567 | $214,567 | $358,567 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,010.46 | $1,010.46 | $2,429.06 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $71.71 |
| Taxes, insurance & HOA | $365.58 | $365.58 | $365.58 |
| Total housing payment | $1,376.05 | $2,432.67 | $2,866.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,433
Closing costs & prepaids$12,610
Usable credit−$0
Total buyer cash needed$53,043
Earnest money paid−$0
Remaining funds due$53,043
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,072.83
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)$478.75
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$148.67
Prepaid interest, second (9 days)$284.05
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 6 moOf the original 30-year loan at 2.81%
Interest already paid$35,657Through Dec 2026
Assumption only · ends Jun 2051$82,509
Assumption + second · ends Jun 2051, second Jan 2057$318,893
New conventional · ends Jan 2057$524,284