Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,091/mo
Lowest payment- Down payment
- $115,844
- Funds due
- $128,547
- Interest + MI left
- $136,027
- First ends
- Sep 2051
Assumption
Assumption + second
$2,654/mo
+$563/mo- Down payment
- $45,844
- Funds due
- $59,952
- Interest + MI left
- $268,792
- First ends
- Sep 2051
New loan
New conventional
$3,326/mo
+$1,235/mo- Down payment
- $45,844
- Funds due
- $56,099
- Interest + MI left
- $590,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,056 | $334,056 | $404,056 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,582.77 | $1,582.77 | $2,737.22 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $508.00 | $508.00 | $508.00 |
| Total housing payment | $2,090.77 | $2,654.01 | $3,326.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,844
Closing costs & prepaids$14,108
Usable credit−$0
Total buyer cash needed$59,952
Earnest money paid−$0
Remaining funds due$59,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,670.28
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)$540.00
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$241.34
Prepaid interest, second (9 days)$155.34
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$54,970Through Dec 2026
Assumption only · ends Sep 2051$136,027
Assumption + second · ends Sep 2051, second Jan 2057$268,792
New conventional · ends Jan 2057$590,716