Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $93,423
- Funds due
- $106,102
- Interest + MI left
- $126,466
- First ends
- Oct 2051
Assumption
Assumption + second
$2,573/mo
+$418/mo- Down payment
- $41,423
- Funds due
- $55,468
- Interest + MI left
- $225,092
- First ends
- Oct 2051
New loan
New conventional
$3,239/mo
+$1,084/mo- Down payment
- $41,423
- Funds due
- $51,740
- Interest + MI left
- $538,921
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,577 | $316,577 | $368,577 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,486.72 | $1,486.72 | $2,496.87 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $73.72 |
| Taxes, insurance & HOA | $668.00 | $668.00 | $668.00 |
| Total housing payment | $2,154.72 | $2,573.13 | $3,238.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,423
Closing costs & prepaids$14,044
Usable credit−$0
Total buyer cash needed$55,468
Earnest money paid−$0
Remaining funds due$55,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,582.88
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)$492.00
Initial HOA (3 months)$1,062.00
Prepaid interest, first (9 days)$224.03
Prepaid interest, second (9 days)$115.40
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$50,184Through Dec 2026
Assumption only · ends Oct 2051$126,466
Assumption + second · ends Oct 2051, second Jan 2057$225,092
New conventional · ends Jan 2057$538,921