Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $57,795
- Funds due
- $68,595
- Interest + MI left
- $108,295
- First ends
- Jun 2051
Assumption
Assumption + second
$2,064/mo
+$408/mo- Down payment
- $17,795
- Funds due
- $29,962
- Interest + MI left
- $215,031
- First ends
- Jun 2051
New loan
New conventional
$2,606/mo
+$949/mo- Down payment
- $17,795
- Funds due
- $26,561
- Interest + MI left
- $485,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,705 | $290,705 | $330,705 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,357.14 | $1,357.14 | $2,240.31 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $66.14 |
| Taxes, insurance & HOA | $299.42 | $299.42 | $299.42 |
| Total housing payment | $1,656.56 | $2,064.16 | $2,605.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,795
Closing costs & prepaids$12,168
Usable credit−$0
Total buyer cash needed$29,962
Earnest money paid−$0
Remaining funds due$29,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,485.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,453.53
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)$418.25
Initial HOA (3 months)$30.00
Prepaid interest, first (9 days)$195.69
Prepaid interest, second (9 days)$117.12
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 6 moOf the original 30-year loan at 2.73%
Interest already paid$46,976Through Dec 2026
Assumption only · ends Jun 2051$108,295
Assumption + second · ends Jun 2051, second Jan 2057$215,031
New conventional · ends Jan 2057$485,265