Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $72,596
- Funds due
- $84,163
- Interest + MI left
- $109,415
- First ends
- Jan 2051
Assumption
Assumption + second
$2,128/mo
+$274/mo- Down payment
- $38,596
- Funds due
- $51,489
- Interest + MI left
- $173,901
- First ends
- Jan 2051
New loan
New conventional
$2,811/mo
+$956/mo- Down payment
- $38,596
- Funds due
- $47,833
- Interest + MI left
- $506,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,404 | $312,404 | $346,404 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,459.58 | $1,459.58 | $2,346.66 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $69.28 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,854.58 | $2,128.15 | $2,810.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,596
Closing costs & prepaids$12,893
Usable credit−$0
Total buyer cash needed$51,489
Earnest money paid−$0
Remaining funds due$51,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,562.02
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)$462.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$202.21
Prepaid interest, second (9 days)$75.45
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 2.625%
Interest already paid$52,638Through Dec 2026
Assumption only · ends Jan 2051$109,415
Assumption + second · ends Jan 2051, second Jan 2057$173,901
New conventional · ends Jan 2057$506,500