Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,834/mo
Lowest payment- Down payment
- $47,150
- Funds due
- $58,396
- Interest + MI left
- $123,909
- First ends
- Nov 2051
Assumption
Assumption + second
$2,130/mo
+$296/mo- Down payment
- $18,150
- Funds due
- $30,731
- Interest + MI left
- $201,293
- First ends
- Nov 2051
New loan
New conventional
$2,739/mo
+$905/mo- Down payment
- $18,150
- Funds due
- $27,260
- Interest + MI left
- $494,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,850 | $307,850 | $336,850 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,444.01 | $1,444.01 | $2,281.94 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,834.01 | $2,129.52 | $2,739.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,150
Closing costs & prepaids$12,581
Usable credit−$0
Total buyer cash needed$30,731
Earnest money paid−$0
Remaining funds due$30,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,539.25
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)$426.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$218.62
Prepaid interest, second (9 days)$84.91
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 2.88%
Interest already paid$48,114Through Dec 2026
Assumption only · ends Nov 2051$123,909
Assumption + second · ends Nov 2051, second Jan 2057$201,293
New conventional · ends Jan 2057$494,282