Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,526/mo
Lowest payment- Down payment
- $120,036
- Funds due
- $133,464
- Interest + MI left
- $184,799
- First ends
- May 2051
Assumption
Assumption + second
$3,049/mo
+$523/mo- Down payment
- $55,036
- Funds due
- $69,858
- Interest + MI left
- $308,081
- First ends
- May 2051
New loan
New conventional
$3,877/mo
+$1,350/mo- Down payment
- $55,036
- Funds due
- $65,520
- Interest + MI left
- $722,257
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,964 | $428,964 | $493,964 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,094.76 | $2,094.76 | $3,346.28 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $431.58 | $431.58 | $431.58 |
| Total housing payment | $2,526.34 | $3,049.34 | $3,876.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,036
Closing costs & prepaids$14,822
Usable credit−$0
Total buyer cash needed$69,858
Earnest money paid−$0
Remaining funds due$69,858
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,144.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,200.00
Insurance escrow (3 months)$300.00
Property tax escrow (3 months)$658.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$330.54
Prepaid interest, second (9 days)$144.25
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 5 moOf the original 30-year loan at 3.125%
Interest already paid$80,313Through Dec 2026
Assumption only · ends May 2051$184,799
Assumption + second · ends May 2051, second Jan 2057$308,081
New conventional · ends Jan 2057$722,257