Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $177,667
- Funds due
- $190,802
- Interest + MI left
- $129,733
- First ends
- Nov 2051
Assumption
Assumption + second
$2,878/mo
+$932/mo- Down payment
- $50,667
- Funds due
- $65,302
- Interest + MI left
- $338,211
- First ends
- Nov 2051
New loan
New conventional
$3,586/mo
+$1,640/mo- Down payment
- $50,667
- Funds due
- $61,441
- Interest + MI left
- $664,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,332 | $327,332 | $454,332 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,528.65 | $1,528.65 | $3,077.80 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $90.87 |
| Taxes, insurance & HOA | $417.00 | $417.00 | $417.00 |
| Total housing payment | $1,945.64 | $2,877.53 | $3,585.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,667
Closing costs & prepaids$14,635
Usable credit−$0
Total buyer cash needed$65,302
Earnest money paid−$0
Remaining funds due$65,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,049.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,636.66
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)$606.00
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$229.22
Prepaid interest, second (9 days)$250.52
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 2.84%
Interest already paid$50,469Through Dec 2026
Assumption only · ends Nov 2051$129,733
Assumption + second · ends Nov 2051, second Jan 2057$338,211
New conventional · ends Jan 2057$664,309