Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $81,602
- Funds due
- $93,610
- Interest + MI left
- $121,864
- First ends
- Aug 2051
Assumption
Assumption + second
$2,294/mo
+$330/mo- Down payment
- $40,602
- Funds due
- $53,951
- Interest + MI left
- $199,627
- First ends
- Aug 2051
New loan
New conventional
$2,983/mo
+$1,019/mo- Down payment
- $40,602
- Funds due
- $50,237
- Interest + MI left
- $525,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,298 | $318,298 | $359,298 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,487.03 | $1,487.03 | $2,434.01 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $71.86 |
| Taxes, insurance & HOA | $477.00 | $477.00 | $477.00 |
| Total housing payment | $1,964.03 | $2,293.93 | $2,982.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,602
Closing costs & prepaids$13,349
Usable credit−$0
Total buyer cash needed$53,951
Earnest money paid−$0
Remaining funds due$53,951
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,591.49
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)$480.00
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$218.19
Prepaid interest, second (9 days)$90.99
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 2.78%
Interest already paid$50,628Through Dec 2026
Assumption only · ends Aug 2051$121,864
Assumption + second · ends Aug 2051, second Jan 2057$199,627
New conventional · ends Jan 2057$525,281