Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $56,990
- Funds due
- $68,169
- Interest + MI left
- $120,384
- First ends
- Aug 2051
Assumption
Assumption + second
$2,178/mo
+$387/mo- Down payment
- $18,990
- Funds due
- $31,531
- Interest + MI left
- $221,783
- First ends
- Aug 2051
New loan
New conventional
$2,739/mo
+$948/mo- Down payment
- $18,990
- Funds due
- $28,061
- Interest + MI left
- $500,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,009 | $303,009 | $341,009 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,430.38 | $1,430.38 | $2,310.11 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $68.20 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,791.05 | $2,178.27 | $2,738.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,990
Closing costs & prepaids$12,541
Usable credit−$0
Total buyer cash needed$31,531
Earnest money paid−$0
Remaining funds due$31,531
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,515.05
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)$432.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$214.80
Prepaid interest, second (9 days)$111.27
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 8 moOf the original 30-year loan at 2.875%
Interest already paid$49,794Through Dec 2026
Assumption only · ends Aug 2051$120,384
Assumption + second · ends Aug 2051, second Jan 2057$221,783
New conventional · ends Jan 2057$500,385