Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,306/mo
Lowest payment- Down payment
- $160,000
- Funds due
- $174,006
- Interest + MI left
- $144,524
- First ends
- Jan 2051
Assumption
Assumption + second
$3,083/mo
+$778/mo- Down payment
- $54,000
- Funds due
- $69,465
- Interest + MI left
- $318,529
- First ends
- Jan 2051
New loan
New conventional
$3,880/mo
+$1,575/mo- Down payment
- $54,000
- Funds due
- $65,367
- Interest + MI left
- $710,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,000 | $380,000 | $486,000 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,814.96 | $1,814.96 | $3,292.33 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $97.20 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $2,305.63 | $3,083.42 | $3,880.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,000
Closing costs & prepaids$15,464
Usable credit−$0
Total buyer cash needed$69,465
Earnest money paid−$0
Remaining funds due$69,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,900.00
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)$648.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$265.17
Prepaid interest, second (9 days)$209.10
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$68,862Through Dec 2026
Assumption only · ends Jan 2051$144,524
Assumption + second · ends Jan 2051, second Jan 2057$318,529
New conventional · ends Jan 2057$710,612