Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,484/mo
Lowest payment- Down payment
- $115,433
- Funds due
- $126,181
- Interest + MI left
- $89,696
- First ends
- Nov 2051
Assumption
Assumption + second
$2,136/mo
+$652/mo- Down payment
- $34,433
- Funds due
- $46,611
- Interest + MI left
- $243,323
- First ends
- Nov 2051
New loan
New conventional
$2,564/mo
+$1,080/mo- Down payment
- $34,433
- Funds due
- $43,304
- Interest + MI left
- $446,789
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,567 | $224,567 | $305,567 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,051.05 | $1,051.05 | $2,070.02 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $61.11 |
| Taxes, insurance & HOA | $433.00 | $433.00 | $433.00 |
| Total housing payment | $1,484.05 | $2,135.79 | $2,564.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,433
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$46,611
Earnest money paid−$0
Remaining funds due$46,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,122.84
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)$408.00
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$158.37
Prepaid interest, second (9 days)$179.75
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 2.86%
Interest already paid$34,861Through Dec 2026
Assumption only · ends Nov 2051$89,696
Assumption + second · ends Nov 2051, second Jan 2057$243,323
New conventional · ends Jan 2057$446,789