Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,004/mo
Lowest payment- Down payment
- $163,854
- Funds due
- $177,014
- Interest + MI left
- $129,868
- First ends
- Nov 2051
Assumption
Assumption + second
$2,841/mo
+$836/mo- Down payment
- $49,854
- Funds due
- $64,489
- Interest + MI left
- $317,005
- First ends
- Nov 2051
New loan
New conventional
$3,545/mo
+$1,541/mo- Down payment
- $49,854
- Funds due
- $60,645
- Interest + MI left
- $642,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,146 | $325,146 | $439,146 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,521.78 | $1,521.78 | $2,974.93 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $87.83 |
| Taxes, insurance & HOA | $482.25 | $482.25 | $482.25 |
| Total housing payment | $2,004.03 | $2,840.53 | $3,545.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,854
Closing costs & prepaids$14,635
Usable credit−$0
Total buyer cash needed$64,489
Earnest money paid−$0
Remaining funds due$64,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,625.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$586.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$229.29
Prepaid interest, second (9 days)$224.88
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$50,475Through Dec 2026
Assumption only · ends Nov 2051$129,868
Assumption + second · ends Nov 2051, second Jan 2057$317,005
New conventional · ends Jan 2057$642,016