Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $75,056
- Funds due
- $86,372
- Interest + MI left
- $91,993
- First ends
- Mar 2051
Assumption
Assumption + second
$2,132/mo
+$338/mo- Down payment
- $33,056
- Funds due
- $45,715
- Interest + MI left
- $171,652
- First ends
- Mar 2051
New loan
New conventional
$2,672/mo
+$878/mo- Down payment
- $33,056
- Funds due
- $42,331
- Interest + MI left
- $434,035
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,844 | $254,844 | $296,844 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,191.88 | $1,191.88 | $2,010.92 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $59.37 |
| Taxes, insurance & HOA | $602.00 | $602.00 | $602.00 |
| Total housing payment | $1,793.88 | $2,131.82 | $2,672.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,056
Closing costs & prepaids$12,659
Usable credit−$0
Total buyer cash needed$45,715
Earnest money paid−$0
Remaining funds due$45,715
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,274.22
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)$396.00
Initial HOA (3 months)$960.00
Prepaid interest, first (9 days)$168.41
Prepaid interest, second (9 days)$93.21
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$42,459Through Dec 2026
Assumption only · ends Mar 2051$91,993
Assumption + second · ends Mar 2051, second Jan 2057$171,652
New conventional · ends Jan 2057$434,035