Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,549/mo
Lowest payment- Down payment
- $164,902
- Funds due
- $176,393
- Interest + MI left
- $98,806
- First ends
- Sep 2051
Assumption
Assumption + second
$2,444/mo
+$895/mo- Down payment
- $42,902
- Funds due
- $55,883
- Interest + MI left
- $299,075
- First ends
- Sep 2051
New loan
New conventional
$2,987/mo
+$1,438/mo- Down payment
- $42,902
- Funds due
- $52,386
- Interest + MI left
- $551,304
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,098 | $255,098 | $377,098 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,191.59 | $1,191.59 | $2,554.59 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $75.42 |
| Taxes, insurance & HOA | $356.92 | $356.92 | $356.92 |
| Total housing payment | $1,548.51 | $2,443.71 | $2,986.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,902
Closing costs & prepaids$12,981
Usable credit−$0
Total buyer cash needed$55,883
Earnest money paid−$0
Remaining funds due$55,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.49
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)$504.00
Initial HOA (3 months)$116.76
Prepaid interest, first (9 days)$176.12
Prepaid interest, second (9 days)$240.66
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 9 moOf the original 30-year loan at 2.8%
Interest already paid$40,168Through Dec 2026
Assumption only · ends Sep 2051$98,806
Assumption + second · ends Sep 2051, second Jan 2057$299,075
New conventional · ends Jan 2057$551,304